The Corporate Enforcement Authority (“CEA”) has warned directors about the considerable risks of accepting unsolicited offers to become directors of companies they know nothing about after the Sunday Independent revealed that the former CEO of FAI John Delaney was promoting a scheme to pay people to become directors of companies. The CEA has issued an Information
Posts Tagged: Directors Duties
As we get closer to the expiry of the Withdrawal Agreement between the UK and the EU Irish companies that have only UK resident directors must consider the impact of the UK leaving the EEA. If thereafter there is no agreement in place, companies which have only UK resident directors will be required to comply
The Companies Act 2014 contains a new Part which contains for the first time the duties and responsibilities of a director and company secretary.
A company director is a person appointed, usually by the members of a company, to manage the company on their behalf.
Acting as a director can be an onerous task never mind trying to stay on top of what your legal duties are as a company director. Managing risk and ensuring the company stays compliant with all requirements facing the company means boards should have regular training to keep them up to date with changes.
We have written about cases before the Courts where directors have been restricted or disqualified to highlight to directors the important role they play in a company and to remind them of their duties and responsibilities. Many of the cases such as the Glenda Gilson case show the directors being restricted or disqualified. A&L Goodbody
The Court of Appeal clarified handed down an important decision in an appeal case taken by the Director of Corporate Enforcement against a decision in Re Walfab Engineering Limited. The Court has re-affirmed that no material distinctions exist in the company law obligations of a director of any type of company regardless of the size
Conor Sweeney outlines the important changes affecting the role of Company Secretary following the implementation of the Companies Act 2014. All the Company Secretaries in Ireland breathed a huge sigh of relief when the CLRG recommended to retain the requirement to have a Company Secretary and instead removed the need for a second director for
An important judgement was given by Mr. Justice Gilligan in a restriction case involving Glenda Gilson in determining the role of a second “passive director” plays in a company. The judge in a 32 page judgement, addressed the role a second director plays in a company that they have a duty and a responsibility toward
The legislation regarding loans and transactions between companies and directors is contained in Volume 1 Part 5 Duties of Directors and Other Officers. The main sections are 219, 220, 236 – 248. The main legislation is below and you can click here for access to the full section from the Companies Act 2014. FRS102 should