Republic of Ireland Law
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1. The bottom line is that limited liability for companies is essential to the risk taking which it is essential to promote in a modern economy, so very little should be done to limit its impact. So, any reforms to limited liability for companies in an economy should be very small and not remove the thrust of the protection which limited liability provides. In Ireland, it has been limited to allow for minimum capitalisation requirements for directors of companies where there has been previous failures of companies which did not have regard to the rights of creditors. However, these inroads into limited liability should be expressly curtailed as once you introduce too many limitations to limited liability, you remove some of the creative and entrepreneurial drive in an economy. This is because the balance between the rights of the creditors of a limited liability company and the risk taking promotors should always be struck in favour of the risk taking promotors of the company. Otherwise the rationale for limited liability loses its positive effect in an economy.