Directors questionnaires
Directors in this context include directors registered at Companies
House, those that use 'director' in their business title or anyone who
acts like a director.
Most questionnaires are similar in nature and are aimed at establishing
the reasons for failure of the business and the circumstances
surrounding the insolvency.
Topics covered would normally include:
- Role of the director
- Reasons for failure – in the director’s opinion
- Timing of insolvency (details of CCJs, bounced cheques, etc.) – to establish when the business became technically insolvent and what actions were taken.
- Details of unusual transactions
- Details of and trading with related entities (companies, directors, employees, family, etc.)
- Remuneration – to determine if it is excessive
Legislation requires directors to assist insolvency
practitioners and
as such the questionnaires should be completed by the deadline
set.
The questionnaires will form part of the record in the insolvency and
may be used when considering whether there have been any wrongdoing on
the part of the directors. The questionnaire may also be sent
to the DTI as part of the report on the conduct of directors.