Company records – an important reminder

It is the duty of the director(s) of a company to keep the accounting records for a minimum of 6 years. Failure to do this may result in disqualification proceedings being brought.

The director of a fast food takeaway has been banned from being a director of a limited company, for not keeping the company’s financial records for 7 years, meaning that he cannot be involved, directly or indirectly, with the formation, promotion or management of a company without prior permission for the court.

If a company is liquidated it is the duty of the appointed liquidator to take possession of the company records which he will use when he investigated the directors conduct.

For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.

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