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Companies Act 2014

Overview

Overview

The Companies Act 2014 has been enacted, and will on commencement revolutionise company law in Ireland. The provisions of the Act consolidate the law relating to Irish companies, which currently encompasses more than 30 enactments, and will introduce significant reforms in a number of areas. The Act will provide a state of the art company law code to the users of Irish company law.

The heads of Bill were drafted by the Company Law Review Group (CLRG) and its innovations are based on its recommendations. Arthur Cox’s Dr Tom Courtney, Head of the firm’s Company Compliance and Governance Group, has been the Chairperson of the CLRG, and William Johnston, Banking Group Partner, has been a member of the CLRG, since its establishment in 2001.

Parts 1 to 15

Parts 1 to 15 of the Act set out comprehensively the law which will apply to the default company type under the proposed new legislation, being the new model private company limited by shares. A number of provisions simplify and improve the legislation relating to such companies.

Parts 16 to 25

Parts 16 to 25 of the Act deal, in turn, with additional provisions applying to other types of companies, e.g. public limited companies, companies limited by guarantee and unlimited companies.

The Act was formally published as the Companies Bill 2012 on 21 December 2012, and was enacted as the Companies Act 2014 on 23 December 2014. It is anticipated that the Act will be commenced with effect from 1 June 2015.

Further information and analysis is available to registered users.