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The Insolvency Service announced the launch of a new online information hub to support company directors.
The hub hosts guidance and information on a range of business themes commonly faced by companies.
It is designed for directors of micro, small and medium-size limited companies. Directors of limited companies, unlike sole traders, must comply with certain statutory obligations.
The Insolvency service said the hub will help with understanding company finances, director duties and obligations, how to recognise early warning signs of financial distress as well as how and when limited company debts can become personal debts.
Insolvency Service research found that company directors wanted a single online hub to host clear and concise guidance, with signposts to more detailed guidance and support where needed.
The project also worked closely with teams in HMRC and Companies House, business finance specialists at Royal Bank of Scotland, and business groups including The Directors Helpline, the Institute for Turnaround (IFT), the Institute for Directors (IoD), and the Federation of Small Business (FSB) amongst others.
Leanne Webb, project lead at the Insolvency Service, said: “Our research found that too many company directors struggled to locate the existing guidance that they needed, and that it was often complicated or overwhelming when they did.
“We hope this new one-stop shop provides the solution and helps directors take their companies in a positive direction.”
Jonathan Cooper, from The Directors Helpline, added: “The launch of the Directors Hub is a welcome tool in the current climate for Directors of all types and sizes of businesses.
“We have been pleased to be recognised by the Insolvency Service as an important part of its development, due to the number of Directors we help on a monthly basis and will continue to support its ongoing development.”
