Document background
The Buy-Sell Agreement (Insurance) serves as a critical business succession planning tool under Irish law, designed to protect both the continuity of the business and the interests of business owners. This document becomes essential when multiple owners wish to establish a predetermined framework for ownership transitions, funded through insurance policies. It addresses scenarios such as death, disability, retirement, or voluntary departure of owners, ensuring smooth business succession while maintaining compliance with Irish insurance regulations and company law. The agreement typically includes detailed provisions for insurance policy requirements, business valuation methods, purchase triggers, and payment mechanisms. It's particularly crucial for privately held companies seeking to avoid ownership disputes and ensure liquidity for ownership transfers while maintaining compliance with Irish regulatory requirements.
