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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