The Insolvency Service has launched a new online information hub to support company directors on Monday 10th July 2023.
The hub hosts guidance and information on a range of business themes commonly faced by companies and aims to help company directors to push their business forward by being more aware of potential pitfalls.
It is specifically designed for directors of micro, small and medium-size limited companies, although it will also be useful to others. Directors of limited companies, unlike sole traders, must comply with certain statutory obligations. These can range from hairdressers and builders with their own companies to directors of mid-sized companies in the IT sector, for example.
Examples of the kind of advice available on the information hub include:
- understanding company finances, director duties and obligations.
- how to recognise early warning signs of financial distress.
- how and when limited company debts can become personal debts.
The new information hub was developed after 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. As well as direct research with company directors, 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:
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:
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.
Milly Camley, CEO at the Institute For Turnaround:
Getting the right information and advice is crucial throughout the business cycle and most especially at points of stress. It’s great to see the need to know information – in plain language – in one place to enable directors to access what they need for business success.
The Director Information hub is the result of extensive user research undertaken with micro, small company directors and leading industry specialists. The Insolvency Service developed the project to look at ways to help directors understand their responsibilities, and offer guidance on what to do when facing financial difficulties and how to avoid pitfalls where possible. This objective was part of the Insolvency Service five-year strategy set out in 2021.