The Companies Act 2014 – What You Need To Know

The Companies Act 2014 – What You Need To Know
15
Mar

Irish company law has undergone a major overhaul with the introduction of the Companies Act 2014 (“the Act”) on the 1st of June 2015.

The Act affects every company incorporated in Ireland and as a Company Director you are legally required to ensure that your company is compliant with the Act.

Here at Barry M O’Meara & Son Solicitors we continually strive to understand and meet the needs of our clients. As such we can provide step by step guidance on the actions you need to take.

Some of the changes include:

Existing private limited companies are required to convert to a new type of company. Failure to do so can result in the company defaulting to an unsuitable company type and an action for compensation being taken against the company by its members;

• Companies Limited by Guarantee – the type of company often used by management companies, charities and sports clubs, will be required to change their company name and replace their Memorandum & Articles of Association with a Constitution;

• Company Directors have a legal duty to ensure the Company Secretary has the skills and resources required for that role;

Loans to a Company Director must be properly documented, if not they are deemed repayable on demand with interest. Loans to a company from a Company Director must also be put in writing, if not they will lose interest and will rank unfavourably as creditors.

For further information on how we can assist you and your company please contact John Purcell at john.purcell@bmomeara.ie