WallyWumpus you are correct in what you say and the situation in Ireland is legally much the same as in the UK I understand it. As you say
What this thread really needs is an Irish commercial lawyer.
- in other words
proper advice.
I understand that IALPA have got some kind of formal legal or accountancy opinion which is in writing. They say that any BRK contractor can go to IALPA and read it (you don't have to be a member). A friend has told me that it confirms a lot of the concerns which many have already expressed, including the fact that everyone is responsibles for the actions of their fellow directors. I don't know if it is in the document, but it even appears (for example) that if an unhappy partner has a beef with somebody who is a Director (and partner) they could sue the company to protect their fiancial interests. All of the partners would then be responsible for the legal fees associated with extracting themselves from the consequences! And so on.
This is one proposal that has all the signs of being "clever on the hoof", but hoplessly flawed when it comes to the practice.