The Companies Act 2014 (Act) which was enacted on 23 December 2014 is replacing the Companies Acts 1963 – 2013 and commenced on 1 June 2015.
The purpose of the Act is to consolidate and simplify company law. While company law will remain substantially the same, there are some significant changes which will affect every Irish company.
Once the Act commences, companies should take specific legal advice in relation to new transactions (as the structure may be impacted by the Act), as well as on compliance requirements. For now, you should:
- consider if your company should convert to LTD or DAC (or other kind of company)
- ensure any directors’ loans are fully documented
- check if your company will be able to avail of the audit exemption
- get ready to replace any minor director or secretary
- if necessary, line up a secretary with relevant skills and resources