Part 14 of the Companies Act gathers together provisions relating to compliance and enforcement, a change which will provide greater transparency.
While the Part is largely concerned with bringing together provisions regarding various orders which may be made in respect of a company, it also sets out one of the most far-reaching reforms provided for in the Act. This concerns the streamlining of the criminal offences that will be created by the Act into four categories each of which will attract a particular category of penalty, as follows:
- Category 1 offence – conviction on indictment can result in a term of imprisonment of up to ten years or a fine of up to €500,000 or both;
- Category 2 offence – conviction on indictment can result in a term of imprisonment of up to five years or a fine of up to €50,000 or both;
- Category 3 offence – a summary offence only, attracting a term of imprisonment of up to six months and a “Class A fine” (or both); and
- Category 4 offence – also a summary offence only, punishable by the imposition of a Class A fine.
- A “Class A fine” is a fine within the meaning of the Fines Act 2010 (i.e. a fine not exceeding €5,000).
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- View Arthur Cox analysis of Part 14: Compliance and Enforcement
- View text of Part 14 of the Companies Act (as enacted on 23 December 2014)
- View redline of Part 14 as amended in Committee Stage on 5-6 November 2013
- View text of Part 14 as published on 21 December 2012
- View redline of Part 14 as published on 21 December 2012 as against version of 30 May 2011
- View text of Part 14 as published on 30 May 2011