Financial Planning
The Personal Insolvency Bill
The two main aims of modern bankruptcy law are to return funds to creditors and to rehabilitate the debtor. In Ireland, bankruptcy remains a punitive regime from which it is almost impossible to recover and to resume a normal career or business life, according to Séan Kelly, RSM Farrell Grant Sparks.
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Business Banking 2011 style
For many SME’s and family businesses, dealing with banks has become a real challenge in 2011. As is common knowledge banks are under massive pressure trying to deal with the fallout from years of excess. Simply put they are short of funds, so have a real difficulty themselves. There are dealing with massive property related loan defaults and now trying to balance their books.
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Succession Planning Passing on the Family Business
As experienced business and taxation advisors we see firsthand the practical difficulties in successfully transferring the family business to the next generation. Much of it comes from lack of communication and planning. Research shows that only 25% of family businesses successfully pass onto the next generations. However, if succession is looked on as an opportunity for capitalising on the goodwill the business founder has built up over the years things can work out very nicely if the correct steps are taken.
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