If your personal finances have been affected by the company’s financial difficulties, it’s important to get advice that considers both your personal position and that of the company — how the two are connected, and how to separate them where possible.

Directors often face a range of personal exposures: personal guarantees on business borrowing, personal credit card debts run up to support the company, potential claims from a liquidator over an overdrawn director’s loan account, or dividends that may need to be repaid where there were insufficient profits to cover them.

These issues can feel overwhelming, but with early advice they can usually be managed. The sooner you take professional guidance, the more options you’ll have available to you.