Commencement of Companies Act 2014
On 1 May, Richard Bruton, Minister for Job and Enterprise, signed the Companies Act 2014 (Commencement) Order 2015 (SI No. 169 of 2015).
The Companies Act 2014 commences on 1 June 2015.
The ‘financial year’ does not include a financial year that begins before 1 June 2015 in respect of sections 167, 225, 305(1)(b), 306(1), 326(1)(a) and 330. That is to say that the provisions in relation to audit committees, directors’ compliance statements and various other disclosures only comes into force in respect of financial statements for periods commencing on or after 1 June 2015.
The CRO has confirmed that financial statements signed before the 1 June 2015 should be prepared under the prior Companies Acts and that those signed on or after 1 June 2015 should be prepared under the 2014 Act.
Provisions not being enacted
There are some provisions which are not being enacted. They come under the following four headings (below), but it is thought that they will not be of significance to most practitioners.
Schedule 2 of CA 2014 deals with the Acts which are repealed and revoked by CA 2014. Some Acts – for example, the CA 1963 – are repealed in full. With some Acts – the Bankruptcy Act 1988, for example – only one provision is repealed. The commencement order specifies certain parts of old Acts which are not to be repealed upon the coming in to force of the Companies Act 2014.
- The first element which is not repealed is the Insider Trading Part of CA 1990 (Part 4 ).
- The second point is that the statutory instruments which are being revoked are specified in Part 2 of Schedule 2, CA 2014. The third column there shows you the extent to which each S.I. is revoked. The Commencement Order states that anything relating in the S.I.s to Regulation 6 of the EC (Mergers and Divisions of Companies)(Amendment) Regulations 2011 (S.I. no 306 of 2011) is not revoked.
- Schedule 15 of CA 2014, which concerns repeals related to an unregistered company becoming registered under CA 2014, is not revoked.