14 May 2025
Directors’ Liability in a Start-up
There are more and more start-ups emerging, some of which unfortunately fail and go bankrupt. But how does directors’ liability apply to start-ups?
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22 May 2024
Although the economy seems to be picking up, in practice many invoices remain unpaid. Should that be the case, you will obviously want to take action to recover the outstanding amounts quickly.
You should take further steps if there is no response to reminders. An attorney is often engaged at this point. There are several legal steps you can take, which we can advise you on.
First of all, you can start proceedings in court. The attorney will draft a writ of summons, which will initiate the proceedings. The court will assess the debts and give a ruling. You can have this ruling enforced by the bailiff.
Prior to the proceedings, you can also have a prejudgement attachment levied. An application will be prepared to obtain leave to levy the attachment. This can be used to attach a bank account or home to secure the outstanding amounts. If a ruling is given in the proceedings as mentioned above, then at least there is recourse. In this case, proceedings must always be initiated in court. Otherwise, the attachment will expire.
In addition, there is always the petition for bankruptcy. If several creditors remain unpaid, it is possible to petition for bankruptcy. This is often used as leverage in the hope that the customer will pay quickly. Bankruptcy does mean the end of the company. If bankruptcy is declared, the chance of you getting your money is slim.
It is therefore important to make a good choice. Do you want to recover outstanding amounts and need legal advice or assistance? Please do not hesitate to contact me.