Insolvency service launches online information hub for business owners

The Insolvency Service has launched a new online information hub to support company directors and ensure they meet their statutory obligations.

Aimed specifically at the directors of micro-, small and medium-sized limited companies, the guidance and information included on the site hopes to ensure company directors avoid potential pitfalls by educating on company finances, and director obligations, highlighting early signs a company may be in financial distress, and explaining how and when limited company debts can become personal debts.

The new information hub was developed after Insolvency Service research found that company directors wanted a single online hub to host clear and concise guidance, with signposts to more detailed guidance and support where needed.  The project has been completed alongside teams from HMRC and Companies House, business finance specialists at Royal Bank of Scotland, and business groups.

Leanne Webb, project lead at the Insolvency Service, said:

“Our research found that too many company directors struggled to locate the existing guidance that they needed, and that it was often complicated or overwhelming when they did.

“We hope this new one-stop shop provides the solution and helps directors take their companies in a positive direction.”

Jonathan Cooper from The Directors Helpline said:

“The launch of the Directors Hub is a welcome tool in the current climate for Directors of all types and sizes of businesses. We have been pleased to be recognised by the Insolvency Service as an important part of its development, due to the number of Directors we help on a monthly basis and will continue to support its ongoing development.”

The Insolvency Service’s new Director Information Hub can be accessed via the Government website.