1. Commencement of Companies Act 2014
Commencement date : The Companies Act 2014 commences on 1 June 2015.
Financial statements: The ‘financial year’ does not include a financial year that begins before 1 June 2015 in respect of sections… read more
Provisions not being enacted: There are some provisions which are not being enacted. They come under the following four headings… read more
2.Conversion of Existing Companies to LTD / CLS
Company directors across the country will be wondering whether to take steps to become a CLS; whether their company will automatically become one; whether they should re-register as a Designated Activity Company (“DAC”) or whether a member or creditor can oblige them to re-register as a DAC.
3. The New Offences
The Companies Act 2014 (the Act) sets out four categories of offence. Reference is made to them throughout the Act, and this website. Sometimes, on the website, the actual penalty is stated; sometimes the offence is simply referred to by its category: for example, “x is a Category 3 Offence.
4. Directors’ Compliance Statements (New)
Directors must include in their annual report a statement which acknowledges that they are responsible for securing the company’s compliance with its relevant obligations.
They must also include in their annual report a statement which confirms that the following things have been done:
5. Summary Approval Procedure (New)
A number of different validation procedures had grown up in company law. It was felt that one would be enough, and could be adapted to all relevant situations.
Thus, the Act introduces the new Summary Approval Procedure.
6. Audit Exemptions
Under Irish company law there has been an exemption from the requirement to prepare consolidated financial statements where a group of companies is preparing Companies Act group financial statements and where the group meets certain size criteria. This exemption is re-enacted in Section 297.
7. Companies Limited by Guarantee / Guarantee Companies
Guarantee companies are the second most popular form of company in Ireland. They are usually used where the company in question is not trading for profit. Traditionally, this has meant that three kinds of operations incorporate as CLGs: charities, management companies and sports clubs.