Question

Hello,I am seeking clarification on the following statement:“If a company (limited by guarantee) operates for 6 months without a full quota of seven directors the directors are liable for the company debts” Is this statement true.Many Thanks,Breda

Comments

Eva's picture

As far as we are aware, this

As far as we are aware, this statement is false. A company ltd by guarantee does not require seven directors. It only requires 2 (or maybe three). It MUST, however have seven members/subscribers to the original Memorandum and Articles of Association when it is being set up.

But as we are not the final authority on this. You should contact the Office of the Director of Corporate Enforcement at www.odce.ie. They have a series of guides at http://www.odce.ie/en/media_general_publications_article.aspx?artic...

Regards,

Eva