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The loonacy of having multiply directorships

  • 06-02-2011 10:44pm
    #1
    Slideshowbob
    Registered Users, Registered Users 2 Posts: 2,460 ✭✭✭


    The Sunday Business Post today reported Bernard McNamara is listed as a director of more than 130 companies in one document filed in the Companies Office.

    Isn't this just crazy? Should directorship of more than 5 companies be illegal? How can 1 person maintain knowledge of goings-on in such a large number of entities? Wasn't this part of the problem which caused a property crash here?


Comments

  • #2
    TheInquisitor
    Closed Accounts Posts: 1,530 ✭✭✭TheInquisitor


    No. I know people that have 15-20 different companies.

    What your saying would mean thousands if not tens of thousands of businesses having to close.


  • #3
    Slideshowbob
    Registered Users, Registered Users 2 Posts: 2,460 ✭✭✭Slideshowbob


    so one person with directorships of 130+ companies can have a good handle on all goings-on within them???


  • #4
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    Wait 130 :eek: I thought there was a limit?


  • #5
    later12
    Closed Accounts Posts: 11,299 ✭✭✭✭later12


    ei.sdraob wrote: »
    Wait 130 :eek: I thought there was a limit?
    There is a limit but there are exceptions to the limit in that a director may be director of a number of companies that are, in view of the law, the same entity. McNamara also has a number of foreign companies and I'm sure that might also explain partially the number of his directorships.

    Exceptions to the number of directorships held:
    http://www.irishstatutebook.ie/1999/en/act/pub/0030/sec0045.html#sec45


  • #6
    markpb
    Registered Users, Registered Users 2 Posts: 9,390 ✭✭✭markpb


    Each development of apartments that they built would have had a management company and he would probably have been a director of each.

    Then his own company would have been split into numerous sub-companies, all of which would have had him as director. Then for tax reasons, there'd be a multiplicity of shelf companies, again with him as director.


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  • #7
    Slideshowbob
    Registered Users, Registered Users 2 Posts: 2,460 ✭✭✭Slideshowbob


    McNamara resigns from 60 companies

    http://www.irishtimes.com/newspaper/finance/2011/0317/1224292404474.html


  • #8
    GSF
    Registered Users, Registered Users 2 Posts: 1,831 ✭✭✭GSF


    Slideshowbob wrote: »
    so one person with directorships of 130+ companies can have a good handle on all goings-on within them???
    it depends on what they do. some may have minimal transactions. if you have good reporting processes and/or many dormant companies, its feasible


  • #9
    Cookie_Monster
    Registered Users, Registered Users 2 Posts: 24,537 ✭✭✭✭Cookie_Monster


    I don't see a problem with that either, I imagine many of those companies exist as accounting entities only


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