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Topic starter
03/09/2013 10:12 am
Hi there, I shortly may have the opportunity to become a company director (It's not that glamorous, believe me), however I am worried that my participation in my TD will bar me from doing this. Do the same rules apply to TD's as bankruptcy when becoming a director?
GeoF
03/09/2013 11:38 am
Hi GeoF
The short answer is no. Being in a trust deed does not bar you from being a director in the same way that bankruptcy does.
However, you becoming a director could potentially cause problems if the company is applying for credit facilities as banks will often credit score directors too as part of their decision-making process.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
03/09/2013 11:40 am
Hi GeoF.
It might be worth consulting the company's articles of association as well before you accept the appointment.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
03/09/2013 11:54 am
Thank you both.
GeoF
03/09/2013 12:42 pm
It's amazing how often this comes up on websites stating that you can't act as Company Director, when this is not true. Probably cut and pasted from the sequestration narrative.
A couple of dood points though re the potential credit issue and checking the Articles of Association.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
03/09/2013 5:17 pm
Hi GeoF,
As above the Trust Deed does not affect the directorship in the same way as a sequestration/bankruptcy, however it is always best practice to consult contracts of employment beforehand for specific policies.
Rob is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
04/09/2013 2:42 pm
Thank you all for your answers, it has certailny put my mind at ease.
GeoF
