All appointment, interaction, meetings and communications of the company’s directors will be monitored and ensure that they:
- Act in good faith in the best interests of the company and for a proper purpose
- Exercise care and diligence
- Avoid conflicts between the interests of the company and your personal interests
- Prevent the company trading while insolvent (i.e. while it is unable to pay its debts as and when they fall due)
- If the company is being wound up, to:
- report to the liquidator on the affairs of the company
- help the liquidator (e.g. by giving the liquidator the company books and records that you may have in your possession).
- Are honest and careful in dealing with the company and on its behalf with others
- Understand your legal obligations and make compliance with them part of your business
- Keep informed about your company’s financial position and performance, ensuring your company can pay its debts on time and keeps proper financial records
- Give the interests of the company, its shareholders and its creditors top priority, which includes acting in the company’s best interests (even if this may not be in your own interests)
- Use information you get through your position properly and in the best interests of the company
- Get professional advice or more information if you are in doubt.