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The statutory duties
UK company law sets out directors’ general duties: act within your powers, promote the success of the company, exercise independent judgement, use reasonable care, skill and diligence, avoid conflicts of interest, not accept third-party benefits, and declare interests in transactions.
Why they matter for risk
These duties are how limited liability is earned. Serious breach — or continuing to trade with no prospect of avoiding insolvency — can pierce the protection and reach your personal assets, unlike an ordinary unguaranteed company debt.
What it means for you
Credicorp lends to your company, not to you personally, and takes no personal guarantee. See business loans or apply online.
Frequently asked questions
What is a director's duty of care?
To exercise the care, skill and diligence a reasonably diligent person would, judged against both a general standard and your own actual knowledge and experience.
Can breaching my duties cost me personally?
Yes. Serious breaches, and offences like wrongful trading, can strip limited-liability protection and expose your personal assets.
Related reading
What is wrongful trading and how do I avoid it?
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Am I personally liable for a company loan?
Generally no — limited liability means the company, not you personally, owes the debt, unless you have signed…
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Am I liable for company debts as a non-executive director?
A non-executive director has the same protection from company debts as any director — you are not personally…
Read →What are a director's duties when taking on debt?
A director must act in the company's best interests, keep proper records, and ensure any borrowing is…
Read →Funding for UK limited companies
Credicorp lends to your company, not to you personally — short-term working capital with no personal guarantee. See what your business could access.