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New Companies Act

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  • 19-01-2015 7:22pm
    #1
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭


    The CRO was advertising over the weekend (e.g. in Sunday Times) that the new Co's Act will start on 1 June next. Is everyone ready for it?
    (Tips hat to a Mod (Axwell?) :o who indicated that date waaaay back! )


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    #2
    JoeFlood
    Registered Users Posts: 25 ✭JoeFlood


    I just read an article in the paper "60% of Irish Directors not ready for commencement on new Companies Act". So it looks like a lot are not ready !


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    #3
    otterj
    Registered Users Posts: 384 ✭✭otterj


    What are the main implications for companies in the new act?


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    #4
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    What the new Act will do (in simple terms) is tear up all the many Acts that have an impact on how a company is formed/run/policed and replace them with a single act that is in 25 parts– the first 15 concern all directors and companies and refer to the “new model private company limited by shares” (LTD). The other 10 are for PLCs, Unltd. Cos., etc., and generally not for the smaller entities.

    The Act has ‘teeth’ and tightens up corporate governance, codifies offences and penalties (under the old regime there were many cracks for errant directors to slip through.) So expect (& I hope) some proper corporate policing, as the ODCE will have no excuses!

    There are huge numbers of changes e.g. -only one director is now needed – a co. will not need an ‘objects’ clause - it must register those who are authorised to bind the company, - the doctrine of 'ultra vires' is gone, etc. There are opt-outs for e.g. on objects, so a co can remain 'as is' under a new term 'DAC' which will continue to have an objects clause and a memorandum and articles of association. There is a transition period starting June 1 and a default action, but it is wise to start reading/learning now.

    It is too important for any director to ignore. This is a worthwhile read.


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    #5
    JoeFlood
    Registered Users Posts: 25 ✭JoeFlood


    I came across a few good blog posts on the new companies act on www(dot)companyformations(dot)ie/blog Worth a look !


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    #6
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    JoeFlood wrote: »
    I came across a few good blog posts on the new companies act on www(dot)companyformations(dot)ie/blog Worth a look !

    Direct links to the two articles on there as they aren't immediately obvious to find!

    Converting to the new company types

    What companies can avail of audit exempyion


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    #7
    JoeFlood
    Registered Users Posts: 25 ✭JoeFlood


    jimmii wrote: »
    Direct links to the two articles on there as they aren't immediately obvious to find!

    Thank You...... Couldn't link myself !


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    #8
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    JoeFlood wrote: »
    Thank You...... Couldn't link myself !

    No bother! Its an anti-spam thing you can't post links until you reach 50 posts.


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