Nearly correct, the Directors have an ON-GOING requirement to...

Nearly correct, the Directors have an ON-GOING requirement to monitor whether the company is solvent (i.e. can pay its bills - big and little ones - as and when they fall due), if they allow the company to trade when insolvent they become personally liable for all new debts after the company became insolvent.
Each half-year and year end, the Directors must opine on whether the accounts can be prepared under the assumption that the entity is a going concern. If not, the accounts are prepared on a different basis.

Hope this helps.