‘Wrongful trading’ is what happens when a company takes on credit knowing it won’t be able to pay the money back when it falls due. The debt incurred becomes the legal liability of individual directors - for them to pay back, not the business.
Corporate financial strategy is a way to complement business strategy, to get the most long-term value out of a company. It is about how organisations raise funds, and how they apply them.
Few directors are financial experts, but all directors have to make judgements on the financial figures presented to them in the boardroom. To do that, you need some financial knowledge and a lot of business knowledge.