One of the most significant changes in the Companies Act 2014 was the introduction of a sole director company. This recognized the difficult position that companies had to appoint a second director who may play a very small or no role in the running of the company but are required to company with the Companies Act.
With the increase in economic activity particularly in the construction sector, banks, receivers and companies are discovering assets and property in companies that have been struck off the register. In order to transfer the assets out of the company or to sell the assets, the company must be restored to the register.
Companies miss the annual return filing deadline for various and legitimate reasons and the penalty for missing the filing deadline even by one day is very severe! A company that files late must will lose audit exemption for the following two financial years. This can have a significant impact on the viability of an SME company.
The Companies Act 2014 has introduced a universal process to authorise seven different restricted activities that would otherwise be prohibited.
The introduction of group audit exemption and the return to economic activity and company restructuring has led to an increase in group structures being created. More companies are being set up using personal holding companies or company restructuring or succession planning are all leading to an increase in the creation of groups. The Companies Act 2014 defines what a group is and we will examine one of the common ways of creating a group using a Golden Share.
A company may allot new shares to the existing shareholders or to a third party. These shares can be from the existing share class or by creating a new share class.
Alteration of Constitution The Conversion Deadline Has Passed…. So what now? The Companies Act 2014 was introduced on 1st June 2015 and it replaced the Companies Acts 1963-2013. As well as consolidating the previous legislation it also sought to simplify procedures and introduced changes in practices. With the transition period now well and truly behind
Are you a new start up or setting up a new company? If so setting up a company is the first and important step. Getting the company set up quickly but more importantly correctly will ensure you are on the right step to running your new business.
One of the most common questions we are asked is the difference between an LTD and a DAC. Most of the confusion is that people think a DAC is the new company type but actually it is the closest thing to an LTD company. As you can see in the chart below it requires 2
Every company is required to carry out an activity in the State. Depending on the company type this activity must be provided for in the company constitution. An LTD company has the capacity of a natural person so it does not require to have a principal objects clause in its constitution. All other company types,