Redundancy if handed notice in?

getmore4less

Are you knowingly involved as a director in a company that is trading insolvent?

Sound like it can't meet its obligations if it shut down.

antrobus

getmore4less wrote: »

Are you knowingly involved as a director in a company that is trading insolvent?

Sound like it can't meet its obligations if it shut down.

Yes, that's what occurred to me. The OP clearly does not understand what being a director means, Whether or not they also own shares in the company is irrelevant.

See for example;

Resignation may be considered as an abrogation of responsibility and not serve to protect a director from liability.

Directors' responsibilities if a company is in financial difficulty and dealing with investigations
https://www.icaew.com/membership/regulations-standards-and-guidance/membership/icaews-guide-to-directors-responsibilities/financial-difficulty-and-investigations

A director has a legal duty to promote and protect the interests of shareholders and creditors. They are not supposed to put their own interests first, and worry about whether or not they're going to get a payout.

The OP needs to convene a board meeting and decide what needs to be done. If the company has 'no money' it should cease trading, and appoint administrators, liquidators, whatever.

JCS1

bowf wrote: »

@JCS1 can I ask why you asked if I'm registered as a director at companies house?
Does this somehow affect my entitlement to redundancy?
My mother was a non-shareholding director of a company, she got redundancy.

There is no such thing as a non-shareholding director, you are either a director or not.

And yes, I was thinking of your responsibilities if the company is trading whilst insolvent. Director(s) of the company can be called in to interview by the Official Receiver to account for their business.