Company Law and directors

J

jimmyd

Registered User
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178
Hi,

I am working for a small building company and a year ago the boss offered 3 of us the oppertunity to become directors in the company, 2 of the lads took 15% and I took 4% of shares and we paid the boss for this ~ My shares cost me €7K and i have them fully paid for.
Also as a director what rights have I ? Should i be allowed to see the accounts?
 
As a director you should see the accountant anyway! You have every right to see the books.
It's is clear that you are a shareholder but are you also a director?
 
As a director, it is very important that you look at your responsibilities. You have responsibilities to ensure, among other things, that the accounts are fully kept in accordance with best practice. There are penalties for failure to discharge directors responsibilities. You have responsibilities to other shareholders, but also to creditors, renenue, etc.
 
Your obligations are set out in a CRO booklet . Contact the CRO at www.cro.ie You should have access to all accounts and other documentation. If the company is struggling you have a responsibility to ensure that the company is not trading whilst insolvent. Directors can be held liable for debts incurred whilst it was evident the company was insolvent. Also if companies favour some creditors over others the directors can likewise be held liable. Judges may take the opinion that whilst you did not know what was going on you were reckless in the fact that it is your duty to know. If the company is represented by a qualified accountant it is his obligation to keep you informed. If he refuses you can contact his institute.
 
@Purple - yes i am a director as ive checked into that.

Yes we have a qualifed accountant and he is also a director in the company.

So i need to demand I see the books.
 
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