Companies (Rescue Process for Small and Micro Companies) Act 2021 (SCARP) was passed on 13th July 2021. The commencement order has yet to be signed. The Act introduces the Small Company Administrative Rescue Process (SCARP). The purpose of SCARP is to provide SME’s with a low-cost alternative to examinership with the primary objective being to
Registered charities are required to report on their compliance with the Charities Governance Code (“the Code”) to the Charities Regulator for the first time during 2021. Charities are required to declare their compliance status as at the date they file their Annual Report, which is 10 months after the financial year-end of the charity. This
The Registrar of Beneficial Ownership of Companies and Industrial and Provident Societies has published its 2020 Annual Report. The following are the key observations from the report:- by the end of 2020, almost 189,000 (81%) of companies and 616 societies (64%) had filed beneficial ownership information with the register 81% of companies and 64% of
The Office of the Director of Corporate Enforcement recently published its 2020 Annual Report. The main observations from the report are:- 669 Liquidators’ Reports Received – down almost a quarter on 2019 levels ODCE expect that the level of corporate insolvencies will increase, potentially substantially in 2021 a view that current State supports are masking
The CRO has issued its annual report for 2020 and we have set out some of the key points from the annual report:- Covid-19 had a significant impact on the operations of the CRO, processing times and the suspension of enforcement activity There was a number of filing extensions announced allowing companies more time to
The interim period of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 has been extended from 9th June 2021 to 31st December 2021 following government approval. The Act makes temporary amendments to the Companies Act 2014 and the Industrial and Provident Societies Act 1893 to address issues arising as a result of COVID-19. See our previous
The Companies (Rescue Process for Small and Micro Companies) Bill 2021 has passed through all legislative stages in the Oireachtas. The Bill will now be sent to Office of the President for signature and enactment into law. The Bill amends the Companies Act 2014 to provide for a new dedicated rescue process for small and
The Criminal Justice (Money Laundering & Terrorist Financing) (Amendment) Act 2021 was commenced on 23 April 2021 which introduced a number of new obligations placed on designated persons. These new obligations will impose more reporting requirements on professional advisors. The meaning of the term ‘designated person’ is outlined in Section 25 of the Criminal Justice
The Companies (Small Company Administrative Rescue Process and Miscellaneous Provisions) Bill 2021 was published on 11th May 2021. The Bill amends the Companies Act 2014 to provide for a new dedicated rescue process for small and micro companies known as The Small Company Administrative Rescue Process (SCARP). The Bill has secured government approval for the
CRO Extend Filing Deadline It is nice to be able to start off our newsletter with some good news! The CRO have announced that the 26th February 2021 filing deadline has been extended to 28th May 2021 for companies that have an ARD on or after 30th September 2020 Click here for our February Newsletter