Major company law reform and consolidation is taking place in the form of the Companies Act 2014 (the “Act”). The Act was enacted in December 2014. It is not yet in force but it is expected to be commenced on 1 June 2015 by Statutory Instrument. It is vital that all companies are aware of the changes that this new legislation introduces.
Once the Act comes into force it will consolidate the extensive existing company law legislation and introduce legislative reforms. The Act consolidates company law in respect of all types of company and deals with a variety of topics, some of which include directors’ duties, directors’ loans to and from the company, criminal offences in respect of company law, compliance and enforcement, security, restructuring and insolvency.
In particular all existing Irish private companies limited by shares will be affected by the Act, primarily in relation to the conversion process under the Act, which will come about due to the introduction of two new forms of companies which will replace the current private company limited by shares. We will be providing further updates in relation to the Act, as well as providing conversion services.
If you have any questions please feel free to contact one of the members of our Corporate and Commercial Department:-
• George Kennedy, Senior Associate Solicitor
• Michelle O’Riordan, Associate Solicitor
• Shane Costelloe, Assistant Solicitor.