My friend started a private limited company that never really took off. Now, the court has issued a notice about the company’s failure to file returns with the Registrar of Companies. They want to hold the directors responsible. What can we do to resolve this fairly?

The directors are legally responsible for ensuring timely compliance with company filings. You can try to negotiate with the Registrar of Companies for an extension or penalty reduction, but if the company is insolvent, winding it up might be the only option. This process involves appointing a liquidator who will sell the company’s assets and distribute the proceeds to creditors.