Before you push the button on insolvency, you’ve got to understand exactly how you’re going to deal with personal guarantees and overdrawn director’s loan accounts — because these don’t vanish. Most directors who take a mix of salary and dividends end up with an overdrawn loan account at liquidation, especially if the company was insolvent while they were still drawing dividends. Those dividends will be reclassified as illegal dividends, and while it’s not a criminal offence, it does leave you w