Director Held Personally Liable For Debts Of Company

Director held personally liable for debts

This article appeared in Irish Times on Friday 6 June 2014 Richard Mockler, a Bentley and Porsche car dealer in west Dublin, has been disqualified as a company director for five years and been ordered by the High Court to be held personally liable for €250,000 of its debts. Mr Mockler, who blamed the publicity of a 2007 Criminal Assets Bureau raid on his business for dealing it “fatal blows”, consented to both orders, but he denied allegations of fraud. Mr Mockler’s wife and fellow director Janette Mockler was also disqualified for one year, by High […]

The Directors checklist to staying out of trouble with the Director of Corporate Governance!

The 8 main rules of Directors are to: Act in good faith and always act in what the directors consider to be in the company’s best interest. Act honestly and responsibly in the company’s affairs. Act in accordance with the Memorandum and Articles of Association and exercise powers accordingly. Not use company property for own or others use unless approved by the members. Avoid conflicts of interest unless approved by the members. Exercise care, skill and diligence in their dealings on behalf of the company. Have regard to interests of members. Ensure all filings with the […]

Advantages and Disadvantages of a Limited Company

Click here to arrange a meeting or here for a telephone call. Thinking of starting your own business? Call us now on for a free 30 minute consultation to find out which is best for you. or complete the form below and we will call you back or complete the form below: A limited company is a legal entity in its own right. You are not personally liable for the company’s debts as long as you have not traded fraudulently or you have not given personal guarantees for bank borrowings or to suppliers. Click here for information on forming a […]

Forming a Company

To form a company in Ireland the easiest option is to appoint a formation agent to form the company for you. The main advantage of appointing a formation agent is that the company will be formed faster. An agent using the CRODISK system can have a company incorporated within 5 days. Submitting the documents yourself can take up to 6 weeks. With an agent you may also get some added extras such as company seal and registers (but you will need to ask if these are included.) However, budgets can be tight in starting a company […]

Registering a Business Name

If a sole trader trades under a name other than his/her own name, then he/she needs to register a business name. For example Kevin Mulcahy is a sole trader who runs a cafe called “The Daily Grind.” He will need to register this name so that suppliers, government departments and the public is aware of who the legal entity is behind the business. Remember that companies who trade under a name other than the company’s own name also need to register the trading name. Business names can be registered by submitting one of the following forms […]

Sole Trader v Limited Company

So you have a new business idea and have sketched a brief business plan. What are your options in terms of structure and how do you decide which one is right for you? There are two main options open to entrepreneurs setting up in Ireland – sole trader and limited company. I will briefly outline the differences between the two and the issues you need to consider when making a decision on which structure to choose.   Sole Trader Sole trader is the simplest option. To set up as a sole trader, you will need to […]