4 ms·
As a company director, you have a legal responsibility to pay your bills, knowing you cannot (because your bank account is frozen) means technically you are in
by woodylondon 9y ago
As a company director, you have a legal responsibility to pay your bills, knowing you cannot (because your bank account is frozen) means technically you are in breach and trading insolvent which is an offence (criminal?) I wonder what companies house would say - how long before you have to tell them!
- jboles 9y agoIt's not insolvency. The bank account is still a company asset, even if slightly less liquid.
- dx034 9y agoIt can still mean insolvency. If your clients delay paying their bills you can also be forced to declare insolvency. Even if the clients will definitely pay and cannot be insolvent themselves (e.g. government).