Whenever a business, whether it be here on the Isle of Man or on the adjacent island, hits the headlines for going into liquidation, directors and officers of all types of companies would be well advised to take note.
Whatever the size of your company, its liquidation is governed by the same legislation, and the laws relating to directors duties and responsibilities are equally applicable to any person who is either named or is deemed to have acted as a director of that company, whether they are a director of a large multinational company, a professional director working within the islands regulated industries, or the director of a small family firm.
What should you know?
There are many reasons why a…
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