In law, if a company is insolvent then the directors have a duty to act in the best interest of the creditors and not the shareholders. As such, the first thing to establish is whether the company is insolvent. We have an online insolvency test to help you establish this. If your business is insolvent then you must act to ensure that you do not make the creditors situation worse. So if you are in a hole with tax arrears, piling up debts to trade creditors then stop digging and take advice!
directors are guilty of wilfully piling up debt with no hope of paying
back creditors and by doing this they are risking an action for wrongful
trading that can lead to disqualification and personal liability for
the company's debts.
Please read our page on duties of directors of insolvent companies to help you understand your position and your options.