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Directors Responsibilities

Directors responsibilities are many and varied but the following list covers the important issues:

  • Keep proper books and records so that the financial position of the company can be determined quickly
  • Ensure accounts are prepared each year
  • File accounts with the Companies Office each year
  • File Corporation Tax and all other tax returns for the company as relevant
  • Pay any amount due in shares to the company
  • Keep basic records of who the directors and shareholders are and record any changes
  • Use their full skills and abilities to manage the company
  • Hold General and Annual General Meetings as appropriate
  • Use company assets separately to their own assets and hold them separately
  • The directors must have regard to the interests of creditors I.e. suppliers and should not continue to trade if they know the company is insolvent and will be unable to pay its debts.