The Companies Bill 2012 was signed by the President of Ireland on 23 December 2014 and has been enacted as the Companies Act 2014 (Act No. 38 of 2014)(the "Companies Act"). The Companies Act will be commenced by Statutory Instrument and is expected to be effective from 1 June 2015 with a transition period of 18 months for certain elements.
The Companies Act represents a significant reform of Ireland's company law regime by consolidating, reforming and amending existing company law legislation. With about 1,500 sections, it is the largest piece of legislation ever enacted by the Oireachtas.
The Companies Act impacts every Irish company together with all directors and shareholders. Please see our website ( http://www.dilloneustace.ie/ ) for updates on the key innovations of the Companies Act.
The Companies Registration Office has yet to finalise and introduce over 159 new CRO forms. Also, the Rules Committee of the District and High Court will need to consider the new statutory provisions which will permit new applications in the District and High Court under the new provisions of the Companies Act 2014.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.