A complete draft of the legislation which will consolidate and simplify Irish company law is expected to be published later this year. Pillar B of what will, when enacted, be the Companies Consolidation Act will contain provisions regulating unlimited and other types of companies and follows the publication last year of Pillar A which deals exclusively with private companies limited by shares.
It is expected that a significant number of the provisions contained in Pillar A will apply in a similar manner to the types of companies to be dealt with in Pillar B, including the provisions permitting companies to have a single director and for companies with more than one shareholder to dispense with the requirement to hold an annual general meeting.
Following publication of the full draft bill, it is expected that the legislation itself will be enacted by the end of 2013. Matheson Ormsby Prentice continues to be involved in shaping this new legislation, which has been led primarily by the work of the Irish Company Law Review Group (of which one of our Partners is a member).