The deadline for Public Consultation on the Companies Act 2014 is 9th June at 5 pm for stakeholders to give their view on specific proposals to enhance the Companies Act 2014.
In May 2023, the Department of Enterprise, Trade and Employment released a 45-page document with proposals for four areas of Company Law including;
- Corporate Governance
- Company Law Enforcement and Supervision
- Company Law Administration
- Corporate Insolvency including the Regulation of Receivers
These proposals come from developments arising from stakeholder engagement, developments in case law and the work of the Company Law Review Group (CLRG), as well as ensuring that the authorities established under the Companies Act have the appropriate legislative tools to effectively undertake their statutory functions.
Some key areas where the proposals may affect the day-to-day for agents include;
- Corporate Governance
- Considering if Companies can continue to hold fully virtual general meetings as permitted under the extension of Companies (Miscellaneous Provisions) (Covid 19) Act 2020 which is due to expire on 31 December 2023.
- Company Law Enforcement and Supervision
- Expand the powers of the Corporate Enforcement Authority (CEA), the Irish Auditing and Accounting Supervisory Authority (IAASA) and the Companies Registration Office (CRO), to streamline procedures, deliver administrative efficiencies and strengthen reporting requirements.
- Audit exemption regime for small and micro companies be amended to provide for a two-step graduated process to deal with late filing, rather than automatic loss of audit exemption for two years.
- Provide grounds to involuntary strike-off of companies for their failure to comply with the obligation to provide a statement detailing the beneficial owners.
- Company Law Administration
- Request evidence in support of a company’s application to change its registered office address.
- Give the Registrar power to request additional information in support of a company’s application to incorporate, in order to satisfy the Registrar that all of the information supplied can be verified as to its accuracy.
The above is only an example of some of the suggestions within the Proposal.
What can you do now?
OmniPro Corporate Consultants team will be delivering to the Department of Enterprise, Trade and Employment a completed proposal, but we also implore all those who interact with Companies Act 2014 to have their voice heard by completing the public consultation ahead of the 9th of June deadline. When making your submission ensure to include the name and contact details of the individual, firm or organisation that you are acting on behalf of, and briefly describe your interest in this subject matter.
The proposal can be found at: https://enterprise.gov.ie/en/consultations/public-consultation-on-proposals-to-enhance-the-companies-act-2014.html
Submissions must be made in written format using the template provided and can be sent by hardcopy or email.
Please note this information is accurate as of the time of publication.
