There are four distinct areas of company law which are set out in this public consultation:-
- Corporate Governance
Provide more flexibility for companies by providing, on a permanent basis, for an option, in addition to the option to hold physical and hybrid meetings, to hold fully virtual AGMs and general meetings, and for industrial and provident societies to hold hybrid and fully virtual general meetings.
In addition, some procedural and legislative changes to the 2014 Act that arise primarily from practical problems and anomalies that legal practitioners have encountered in transactional matters such as mergers are proposed.
- Company Law Enforcement and Supervision
Amend the audit exemption provisions and enhance 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.
- Company Law Administration
Enhance certain administrative processes carried out by the Registrar of Companies to ensure the register is suitably equipped, as well as modernising certain administrative requirements for companies.
- Corporate Insolvency including the Regulation of Receivers
Amendments are proposed to various insolvency related processes across the Companies Act and the enhanced regulation of receivers. It also provides for the inclusion of amendments to the ‘Small Companies Administrative Rescue Process’ (SCARP) including technical refinements to improve the operation of the process.
Submissions
Submissions in response to the questions posed should be made no later than 5pm on 9 June 2023 in written format, where possible using the template provided, marked ‘Proposals to enhance the Companies Act 2014’ and emailed to companylawconsultation@enterprise.gov.ie or sent in hardcopy addressed to: Company Law Enforcement and Personal Injuries Policy Unit, Department of Enterprise, Trade and Employment, Earlsfort Centre, Earlsfort Terrace, Lower Hatch Street, Dublin 2, D02 PW01.
NB. The content of this article is provided for information purposes only and does not constitute legal or other advice.
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