The New Companies Bill published on the 12th of December consolidates the existing 16 Companies Acts between 1963 and 2012. The bill will come into effect in 2014.

 

Proposed legislation is going to bring cost savings to the new companies and is aiming to make Company Law easier to understand and implement.

 

The main changes to the existing Company Law:


  • Single directorship allowed

  • No Objects Clause requirement in the Memorandum of Association

  • Audit Exemption availability extended to Dormant and Group Companies

  • SME examinership application through the Circuit Court

  • Private Limited Company name change to Company Limited by Shares or CLS

  • No requirement to hold an Annual General Meeting; written procedure will suffice

  • A company constitution will replace Memorandum and Articles of Association

  • The Legislation will outline default provisions

  • Companies allowed to perform certain activities by means of a directors declaration and a shareholders’ resolution rather than High Court application

  • Change of the company type process simplified

  • Increased transparency of information about PLC’s, Guarantee Companies and Unlimited Companies