The Office of the Director of Corporate Enforcement (ODCE) has published a consultation document outlining the procedures it proposes to apply in relation to the new Restriction and Disqualification Undertakings regime being introduced by the Companies Act 2014 (the Act).

This regime is expected to come into force on 1 June 2015.

The Act introduces for the first time in Ireland, a regime whereby individuals who may be facing restriction or disqualification proceedings before the courts can avoid the cost etc of legal proceedings by voluntarily consenting to be restricted or disqualified.

The relevant provisions are set out in Part 14, Chapter 5 of the Act. The ODCE consultation document outlines the procedures that the ODCE envisages applying and invites the public to comment on these proposed procedures or to propose alternative approaches that might be applied.

The closing date for receipt of any responses is Thursday 30 April, 2015 and responses to the consultation can be emailed to the ODCE at info@odce.ie or posted to the ODCE, 16 Parnell Square, Dublin 1.