Under the 2014 Companies Act all existing private companies limited by shares (ie. companies incorporated under the previous Companies Act) have the option of converting to one of the new company types (LTD or DAC) during a transition period which ends on the 30^th of November 2016.

Private companies limited by shares that have not applied to the Companies Registration Office to be converted to either a DAC or LTD during the transition period will be automatically converted to an LTD under the terms of the legislation by the first of December 2016.

All company directors should review their current company structure and make arrangements to file their conversion application with the Companies Office in good time.

Deadline to pass ordinary resolution to convert to DAC 31^st of August 2016.

Deadline for conversion period for LTD 30^th of November 2016.

Please contact Emer O’Callaghan emer.ocallaghan@bmomeara.ie

The post Deadlines for Conversion under the Companies Act 2014 appeared first on Barry M O'Meara & Son Solicitors.

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

The post The Companies Act 2014 – What You Need To Know appeared first on Barry M O'Meara & Son Solicitors.