Overview:
Part II of our two-part series on Incorporation - this session looks at the real risks faced by accountants as directors of their own incorporated practices, and what can be done to manage these risks.
More accountants are running their practices through a company structure, but with that comes a set of director exposure issues that are easy to overlook until something goes wrong.
In this session, we will cover practical steps available to protect against personal claims, including exposure arising from PII and related issues, then move on to the circumstances in which the corporate veil can be pierced, followed by personal liability, which is something that matters even more when the director and the practitioner are the same person.
The session will also address directors' duties in the run-up to, and during, financial distress; the impact that corporate failure can have on professional body membership and standing; and what to expect if liquidation becomes unavoidable.
All of this will be grounded in recent Irish case law, so attendees will get a practical, real-world view of how these issues play out rather than just the theory.
Key Topics:
Join us for an insightful ACCA webinar where we'll cover essential topics, including:
- Protection from claims, PII and related issues when you're operating through an incorporated practice
- When the corporate veil can be pierced, and what that means when the director and the practitioner are the same person
- Directors' duties under the Companies Act, and how these apply day to day, not just in a crisis
- Personal exposure for Revenue debts, including PAYE, VAT and preferential creditor status if things go wrong
- How trading through a company affects membership and standing with professional bodies like Chartered Accountants Ireland or ACCA
- Restriction and disqualification of directors, and the effect this can have on a practising certificate
- Personal guarantees and what accountants should check before signing on behalf of their own practice
- What happens to client relationships, goodwill and restrictive covenants when ownership or structure changes
- The difference between reckless trading and fraudulent trading, and how this has been treated in recent cases
- What run off cover and PII actually protect against, and where the gaps often are
- Liquidation, what triggers it and what practitioners should expect if it happens
- Case studies from recent Irish cases, showing how these issues have played out in practice
Speaker:
Tom Murray, Director, Friel Stafford
Tom Murray is a valuation expert at Friel Stafford with extensive experience in business advisory services. He previously served as President of ACCA Ireland and as a member of the ACCA Global Council.
With a strong background in M&A, Tom advises on corporate transactions and strategic growth. He is best known as a specialist in corporate insolvency, helping clients navigate complex restructuring scenarios.
Tom is a seasoned professional in business valuations for firms across various sectors. He is known for his practical approach and deep understanding of market trends and regulations.