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Directors using company money should act with caution. They should
10th December 2009, Page 29
10th December 2009
Page 29
Page 29, 10th December 2009
— Directors using company money should act with caution. They should
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ensure that all payments or assets provided for personal gain are properly approved by those authorised to approve them. Such payments should be properly disclosed and the correct taxation paid. Any transactions they have with the company must be made at arms' length and at a normal commercial rate. To not do so could result in the directors facing the prospect of having to repay them if the company goes into administration or liquidation. Should this happen, directors must then seek professional advice on the matter from an insolvency specialist.