The Insolvency Service has launched a new resource for company directors. Here Leanne Webb, project manager for the Director Information Hub, explains how it will help North East business leaders to access the right guidance and support.

Please tell us about the new Director Information Hub

The Director Information Hub is for directors of micro, small and medium-sized limited companies, although it will also be useful to others, such as larger businesses.

Directors of limited companies, unlike sole traders, must comply with certain statutory obligations.

Business size and operation can vary tremendously, from hairdressers and builders with their own companies, to directors of mid-sized companies in the IT sector, for example.

The hub provides a one-stop place, for you to find bitesize guidance and information to help you make the right decisions for your company at the right times.

What does the hub offer?

The hub offers written and video guidance and information, all in one place, to support you to steer your company along the path to success and avoid potential pitfalls along the way.

Use the hub to help you recognise:

• What your duties and responsibilities as a director are
• Early warning signs of financial distress
• When you need to take early intervention action and how you can do this
• The consequences of mismanagement
• How limited company debts can become personal debts

How does the hub work?

When you first access the hub, you will see a choice of different, clickable themes that make up the lifecycle of a typical limited company incorporation / start-up to closure and/or insolvency

Each theme contains sub-topics so that you can find the particular issue you need to explore. Here, you’ll find key information to help you make the right decisions, along with links to more detailed guidance.

You can also watch short, animated videos exploring common scenarios that you or your company might be facing, to help you understand how you can move your company forward or avoid potential problems.

How can the hub help me?

The hub solves common problems that directors encounter when trying to find important information to help keep their business on the road to success.

We’ve spoken to micro and small and medium business directors to understand what support and information these businesses need to make sure they thrive.

We have worked with government departments such as HMRC and Companies House and talked to other groups, including the Federation of Small Businesses (FSB), director helplines, and banks to discover information that directors need to keep their company’s finances and reporting on track.

The hub brings together this relevant information in one easy-to-access place, to help you make the right decisions at any stage of a business’ development. On the hub you’ll find a single gateway to the support and info you need; simple, bitesize, accessible guidance that’s easy to find, easily digestible information, with links to more detailed guidance for those who need it.

You can access the Director Information Hub here.