If your business is involved in a dispute and it is proving impossible to reach an agreement, then it may be time to seek professional advice from a third party. Rather than heading straight to court, an alternative approach is to attempt to seek a resolution via mediation.
All businesses have times during which receipts of income slow down, suppliers do not deliver, and customers close or go to a competitor. While it is a necessary business skill to be able to take the rough with the smooth and concentrate on how to counteract unforeseen events, would you be able to spot the signs that your business is in financial trouble?
If you are the director of a private limited company in England or Wales you can take comfort from the fact that you will not generally be personally liable for any debts the company incurs while you are in post. However, there are exceptions and when they arise you need to seek prompt legal advice to contain the damage.