Transactions with directors in respect of non-cash assets

A company or its holding company is not permitted to enter into a transaction with a director under which a non-cash asset of a ‘requisite value’ (in this instance a property or interest in a property) is transferred unless it is first approved by a resolution of the company in general meeting.   In this…...

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Transactions with directors in respect of other arrangements and transactions in which directors have material interest

Other than loans, quasi-loans, credit transactions and guarantees (dealt with at Directors Loans -The Rules), there are specific disclosures required for both the current and preceding financial year for other arrangements and transactions entered into by directors or other persons connected with a director of the company or holding company where they have a material…...

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Directors’ Loans, Quasi-loans, Credit Transactions and Guarantees – The Disclosures

Disclosure requirements If the aggregate value of all agreements, transactions and arrangements regarding loans, quasi-loans, credit transactions, guarantees or assignments of liabilities do not exceed €7,500 for that director (including persons connected to that director), then no disclosure is required. Where the agreements, transactions or arrangements are greater than €7,500, the disclosure requirements with respect…...

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Directors’ loans, Quasi-loans, Credit Transactions and Guarantees – The Rules

Scope An important point to note with respect to these types of transactions is that the term ‘directors’ now includes de-facto directors (Section 222) and as was previously the case, shadow directors. ‘Directors’ also still includes persons connected with directors and shadow directors (Section 221). Section 220 defines what persons are deemed to be ‘connected…...

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Appendix 4 – Schedule 5: List of Companies for Certain Purposes of Act

(Including, in particular, Sections 142, 350, 362 and 510)   A company that is an authorised investment firm within the meaning of the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007). A company that is an authorised market operator. A company that is an associated undertaking or a related undertaking,…...

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Appendix 3 – Schedule 3 Disclosures

  Click here to view in PDF Format: Schedule 3 Disclosures   Disclosure required by Schedule 3 Schedule 3 Part & Paragraph Amounts failing due after more than one year shall be shown separately for each debtor amount where relevant II, note 3 Amount of any convertible loan shall be shown separately and the terms…...

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Approval and Signing of Statutory Financial Statements by Board of Directors

Under the previous legislation, the directors (or two directors on behalf of the board of directors) were required to sign the balance sheet and profit and loss account. The Companies Act 2014 has updated this somewhat in that the wording now states that the directors must not approve the financial statements until they are satisfied…...

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Financial Year End

Financial year end Section 287 of the Act outlines that the first financial year of a company, beginning from its date of incorporation, can be no longer than eighteen months. This was also the case under previous legislation however, Section 287 has introduced for the first time into company law, set rules regarding the alternation…...

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