The Insolvency Service have launched a new Director Information Hub designed to help current and future Directors make the right decisions
A new online hub to help Directors of small and medium sized businesses with decisions and to stay on track has launched in July 2023. The new hub offers guidance and information on a variety of common questions faced by companies.
Unlike sole traders, limited companies must comply with certain statutory obligations. From hairdressers to builders, the hub is designed to push businesses forward and avoid pitfalls as Director.
The hub contains information such as:
- 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 Insolvency Service developed the Director Information Hub after research found that directors wanted a single online location to host clear and concise guidance, with references to additional support if needed.
As well as real company directors, the project 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, the Institute of Directors, the Federation of Small Businesses, and others.
Leanne Webb, project lead at the Insolvency Service, said:
"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 said:
"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."
The Director Information Hub can be found here: https://www.gov.uk/guidance/director-information-hub
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