ABSTRACT
A friend of yours has been approached by a relative and asked to join the board of the family company. You have no doubts as to your friend’s honesty and feel he would never act improperly, but he lacks any business sense and has no financial expertise. He seeks your advice about such issues as disqualification and the possibility of an action for wrongful trading in the event of the company going into insolvent liquidation. Are there any other risks consequent upon his lack of relevant expertise which you feel you should mention?
