Company failure is more than the end of a business. The more established a business and the more people that are involved, the more consequences there may be. There may be an instinct to push through if a company is doing badly but this can be riskier than leaders realise.
When something goes wrong there is a tendency lay blame. The finger may be pointed at anyone involved in advising the company as well as those within it.
Company Directors are particularly liable. It is crucial that they are aware of their personal responsibilities. As head of the company, they may legally be held accountable for any oversights.
When the recession hit many companies failed completely unexpectedly and this was outside of their own control. It is at a time like this that existing problems become highlighted.
In this briefing experts discuss director responsibilities and what can happen when things go wrong.