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What is an overdrawn directors loan account?
What is an overdrawn directors loan account? An overdrawn Directors loan account relates to funds being removed from the company by its director which is in excess of his remuneration and or declared dividends and remains outstanding to the company at the financial year end or at the point of an insolvency.
The Phoenix rising from the Ashes – an Insolvency Practitioner’s View
Directors are prohibited from utilising the same or similar business name for five years following a liquidation, subject to certain exceptions which can be found in insolvency legislation.
How can you avoid Disqualification as a Director
A company is generally considered insolvent when it can't pay its bills as and when they fall due or if its liabilities are greater than the value of all its assets. Legally, the directors of a company are required to act in the best interests of its creditors.