Company closing- can owner-directors get termination payments?

[oldnick]

I know we're not entitled to redundancy. Are we entitled to any termination of office or change in employment?
I can't work out the sections 123/201 and sched 3 TCA 1997

Basically - can we use some of the cash still in the company to pay ourselves tax-free termination payments ?

 

[Darthvadar]

Hi Nick....

Don't have a clue about the answer to your question, but I wanted to say how sorry I am to hear of your situation.... I have always really enjoyed reading your answers to question posed on AAM...

I've a significant disabilty, and a good Travel Agent's essential to me when travelling...

God bless...

Darth...

 

[oldnick]

I'm very touched darthvardar!

Actually things not too bad. Am voluntarily resigning with everything taken care of,including staff, and a few bob left (thats why i'm wondering best tax-free method of getting cash.).

Am old and tired and I want to spend much time travelling-in the sunshine.

Due to my old-man can't-shut-up syndrome I'll be making my comments long time in the future...

Best Regards Nick

 

[Darthvadar]

Good to hear that, Nick....

I'll need your advice when my caring responsibilities cease, and I'm in a position to take up offers of holidays in Australia, NZ and the US... Being a wheelchair user, good advice and information's vital!!!... I STILL remember attending a conference in Holland... My wheelchair didn't arrive with me... Grrrrrrr!!!!.... Scary!!!!!....

Good idea to get in some travel... Travel that's not a 'Busman's Holiday' will, I'm sure, be a novelty!...

Anyway, enjoy your retirement... You've earned it!

God bless, and Bon Voyage!...

Darth....

 

[Armada]

+1 OldNick. Your posts are informative and polite and its good to hear that you intend to remain with us.

Good luck with your situation.