Top 10 Company Law Tips for 2022

  1. CORE

The new CORE system is in operation for 12 months now and we have still some challenges with filing documentation through the new system. Hopefully 2022 will see the system bed in more and the last of the issues will be resolved.

  1. Missed deadlines & District Court Applications

After nearly two years of extended deadlines, 2022 should see a return to normal deadlines for companies. Some companies may have not been in position to file or may have missed the filing deadline and are facing having financial statements audited for the next two financial years. Companies may apply to the District Court for an extension of time to file the late return(s). This is only an option if the late return has not yet been filed in the Companies Registration Office. For more information click here

  1. Updating the RBO

If there has been any change in the beneficial owners of a company be it the shareholding, voting rights, control or the SMO (directors) then the internal and central RBO should be updated. For more info and templates click here

  1. Companies (Corporate Enforcement Authority) Act 2021

This Act was passed on 22nd December 2021 and provides for the establishment of the new Corporate Enforcement Authority (“CEA”). The Act also contains some important amendments to the Companies Act 2014. For more information on the new Act click here

  1. Companies (Rescue Process for Small and Micro Companies) Act 2021

The Companies (Rescue Process for Small and Micro Companies) Act 2021 commenced in December 2021 establishing a new rescue process for small and micro companies called Small Companies Administrative Rescue Process (SCARP). The new process is designed to make rescue and restructuring more accessible and affordable to fundamentally viable companies experiencing temporary difficulties. For more information click here

  1. Companies Covid-19 Act Temporary Provisions Extended

The temporary provisions in the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 have been extended to 30 April 2022 allowing for the holding of virtual general and creditor meetings. Click here for more information on this Act.

  1. Non Resident Bonds

Non-resident bonds continue to be required for companies that do not have an EEA resident director. This includes any company that just has UK resident directors (including NI). The bond has to be renewed every two years unless an EEA resident director is appointed or a Sec 140 Real & Continuous Link is obtained. For more information click here

  1. Protecting your identity & PPS requirements

The Chartered Governance Institute published a blog highlighting the issues with fake companies being incorporated using false identities and how directors and companies may protect their identities. Click here for more information

  1. Unlimited company filing requirements

Any unlimited companies with limited liability subsidiaries will be required to file its financial statements for financial years commencing on or after 1st January 2022. For more information click here

  1. Voluntary and Involuntary Strike Off

The CRO have recommenced involuntary strike off proceedings for companies that have not filed annual returns. Any company that has an annual return outstanding should file the late annual return or make an application to the District Court for an extension of time to file the late annual return if they wish to avoid being struck off by the CRO.

Companies that have ceased to trade and satisfy the voluntary strike off criteria should make an application to have the company voluntarily struck off the register in advance of its next annual return date. For more information click here

Note: The content of this article is provided for information purposes only and does not constitute legal or other advice.

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