A three year remission from taxation on profits and capital gains for companies with a tax liability of less that €40,000 pa was announced in the Budget 2009.

In the current climate of economic slowdown, credit crunch, job losses and tough budgets many business who are in difficulty may think that there are few options available to them other than to liquidate.

Irrespective of a company’s financial health or trading outlook effective cash management and cost reduction are a priority for any business but especially in the current climate.

The current difficult economic conditions expose directors of businesses to additional personal risk.

Section 31 of Companies Acts, 1990 prohibits companies from entering into certain types of transactions, which would be otherwise lawful, for the benefit of a director or a party connected with a director.

An employee who is in insurable employment, between the ages of 16 and 66 and has worked 104 weeks, (2 years), in continuous service with your company is entitled to redundancy.