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Buachaill, Barrister
Category: Republic of Ireland Law
Satisfied Customers: 12356
Experience:  Barrister 17 years experience
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Would you reform limited liability as it exists under Irish

Customer Question

would you reform limited liability as it exists under Irish law?
JA: Has anything been filed or reported?
Customer: would you reform limited liability as it exists under Irish law?
JA: Anything else you want the Expert to know before I connect you?
Customer: no
Submitted: 15 days ago.
Category: Republic of Ireland Law
Customer: replied 15 days ago.
File attached (S7M3521)
Expert:  Virtual-mod replied 14 days ago.

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Thank you!
Customer: replied 14 days ago.
I am ok with waiting a little bit longer thank you.
Expert:  Buachaill replied 12 days ago.

Hello, and thank you for your question. I am your Expert and I will provide the answer you require.

Expert:  Buachaill replied 12 days ago.

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.