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A Dublin-based legal firm, has urged the Government to make temporary changes to insolvency laws. Relaxed regulations would assist businesses that are at risk of bankruptcy by allowing them to trade during the Covid-19 crisis. The current law states that company directors will be personally liable for debts incurred and could face disqualification if they knowingly carry on trade of a business that is insolvent. The firms argue that by temporarily lifting the penalties for trading while insolvent, directors of companies may be able to pay staff and suppliers even if there are fears of becoming insolvent.
The government is urged to implement the following 3 key items:
Directors be freed from the risk of incurring personal liability for continuing to trade a company while insolvent
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RMcH comment: this is a big issue and needs to be addressed asap, will keep you updated.
18 May 2020.
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