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Marcinlondon, Solicitor
Category: Law
Satisfied Customers: 656
Experience:  Qualified Lawyer - 8 years experience
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I am a financial director working for a company with

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I am a financial director working for a company with cashflow issues. I have been asked not to delay payment of the PAYE and we also have some seriously overdue creditors. I believe we are trading insolvently. I am currently a statutory director for one company and secretary for 8 companies. I am currently working my 3 months notice period and am concerned about my professional reputation. What can I do to protect myself in this situation?
JA: Where are you? It matters because laws vary by location.
Customer: I am working in the midlands in England.
JA: What steps have you taken so far?
Customer: I have found another job and am currently working my notice period. I have expressed my concerns to the board about the cashflow position, but am being largely ignored.
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: No there is nothing else that I can think of currently.

Hello, this isCustomerand welcome to JustAnswer. I will be the lawyer working with you today and I will be happy to advise you to the extent possible on this platform. I will review your question and I will be back with my answer shortly. You will get notified when my answer is ready therefore there is no need to wait online.

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Thank you for your patience whilst waiting for my answer.

I am sorry to hear about this. You should be raising your concerns in writing (and this should be an item on agenda) during your board meeting.

If you take no action - you are implicating yourself, professionally, and possibly criminally as well, under the Companies Act and Insolvency Act.

Feel free to come back with any follow up questions. I will help to the extent I can.

Marcinlondon and other Law Specialists are ready to help you
Customer: replied 6 days ago.
As I have resigned should I seek to have my Director status and secretary status amended on companies house now, or at the point where I leave the company?

As long as the resignation as a director was effective immediately, you should update Companies House asap.