What are my responsibilities as a director of a company in administration or liquidation?

 

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16. What are my responsibilities as a director of a company in administration or liquidation?

Your main responsibility will be to supply information about the company's affairs to the insolvency practitioner or official receiver. Most of your responsibilities for managing the company will cease. You may, however, be asked to help, for example, with the sale of assets. You are under an obligation to provide all assistance reasonably requested.

If you are an employee of the company, the administrator will also advise you when your employment is terminated.