Determining the options available to a former director is only possible where it is understood where the concerns of the Insolvency Service lie. Above all it is that issue that needs to be established through a process of disclosure.
Securing evidence at the earliest available opportunity is essential: this can be in the form of witness statements, document disclosure, affidavits, or letters. It is only once the former director can assess the weight of evidence he/she has in support of their position that an assessment can be made as to how that will compare to the likely evidence to be brought by the Insolvency Service.
As a matter of policy the Insolvency Service will disclose their draft evidence in support of any Court application they are considering making. There are strict time limits that work against the Insolvency Service in bringing any Court Proceedings and the former director should be mindful of that.
The options available to the former director will then likely be –
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