This is a procedure under the Companies Act 2014 for companies who have missed or who know they may miss their filing deadline with the CRO for filing their annual return and financial statements on time. It is only available to companies who are currently on the CRO index, and is not available to struck […] Click here to read more.
Summary Approval Procedures
One of the changes under the Companies Act 2014 is the introduction of Summary Approval Procedures which will make it easier for LTD, DAC and Companies Limited by Guarantee to enter into certain transactions which in the past were either prohibited or needed Court approval. Click here to read more.
Directors Compliance Statements and Audit Exemption for small groups
Directors Compliance Statements
The directors of companies with balance sheet totals in excess of €12.5m and turnover in excess of €25m must draw up a compliance statement as part of the directors report in relation to compliance with certain company and tax law provisions. Larger companies with balance sheet totals in excess of €25m and turnover in excess of €50m will have to have Audit Committees. Click here to read the entire article.
Codification of Directors Duties and Responsibilities
The Act codifies Directors Duties and Responsibilities for the first time which are essentially based on old common law rules. Click here to read more.
The new Act will introduce new company models and will affect every company on the Companies Registration Office (CRO) index in some form or other. Almost 90% of companies currently registered with the CRO are private companies limited by shares. However, the existing Companies Acts from 1963 to 2013 use public companies as their model company type. Click here to read more.
Companies Limited by Guarantee without a Share Capital (CLG)
These type of companies are mostly used by charities, sports and social clubs and management companies. They will have to change their name to include the words “Company Limited by Guarantee” or “C.L.G.” or “CLG” or indeed their Irish language equivalents at the end of their name. They must continue to have a minimum of two directors, and also continue to have a Memorandum and Articles of Association with a main objects clause. They can opt to have just one member instead of the current seven members, but they cannot dispense with holding an AGM if they have more than one member. They can avail of audit exemption if they meet the relevant criteria. Click here to read more.