The Companies Act 2014 codifies for the first time the duties of directors. The principal fiduciary duties of directors are outlined as follows:- To act in good faith in what the director considers to be in the company’s interests To act honestly and responsibly in relation to the conduct of the affairs of the company…
Read MoreThe following is a summary of the position regarding the legislative frameworks that apply to financial statements to be filed in the Companies Registration Office (CRO) in 2015: What Questions Do You Have? We are happy to help. Please post your comment below or call Mary Flanagan on 01 677 9000. Alternatively, send us an…
Read MoreUnder section 288 of the new Companies Act 2014, the financial statements attached to a company’s first full annual return must cover the period from incorporation and must not be for a period longer than 18 months. Each subsequent financial year begins on the date immediately after the last financial year end date and must…
Read MoreReminder from Revenue to Income Tax filers about their self assessment for the year ended 31 December 2014: Further to eBrief 74/15 – Revenue previously reminded customers that where they filed their Form 11 before 31 August 2015, Revenue would calculate their self assessment (for tax, PRSI and Universal Social Charge). This simplifies the process for customers…
Read MoreWant to save money with compliance costs? Well, the new Companies Act 2014 which became effective on 1 June 2015 helps you do just that. If your company now avails of the Small Company Audit Exemption, a statutory audit is no longer legally required and the Company can prepare audit exempt accounts instead. Compliance cost…
Read MoreThe new Companies Act 2014 is due to come into law from 1 June 2015 and all companies will have to comply with this legislation once commenced. The greater the number of group companies in the group the larger the costs will be for your group. Given the above, now is a good time to consider…
Read MoreQualification for appointment as a director Under the Companies Act 2014 due to be commenced on 1st June 2015, for the first time, an age requirement has been introduced for the appointment either as director or secretary of an Irish company. From the date of commencement of the Act, a director of a company cannot…
Read MoreThe Companies Act 2014 will introduce some changes in relation to strike off and restoration of companies from the register once it becomes effective: 1. Statutory recognition for the voluntary strike off process for the first time. 2. Members must pass a special resolution for the strike off to be effective.
Read MoreThe following provisions relating to company secretaries are included in the Companies Act 2014 which is expected to be commenced on 1st June 2015:- All companies will continue to be obliged to appoint a company secretary. In single director companies, this must be a person other than the director themselves. As is the case with…
Read MoreThe Companies Act 2014, to be commenced in law in June 2015, will introduce a number of reforms with regard to breaches of company law by directors. Company law offences will now be categorised on a scale of 1 – 4, with offences under category 1 and 2 being the most serious and which will…
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