The Department of Enterprise Trade and Employment has launched a public consultation on proposals to enhance the Companies Act 2014.
The Department is seeking views on a proposed Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2023 which will focus primarily on four areas of company law:
- Corporate Governance – including the option to hold fully virtual AGMs and general meetings and procedural and legislative changes that arise primarily from practical problems and anomalies in transactional matters such as mergers;
- Company Law Enforcement and Supervision – enhanced power for the Corporate Enforcement Authority, the Irish Auditing and Accounting Supervisory Authority and the Companies Registration Office, to streamline procedures, deliver administrative efficiencies and strengthen reporting requirements;
- Company Law Administration - enhancing certain administrative processes carried out by the Registrar of Companies to ensure that the register is suitably equipped, as well as modernising certain administrative requirements for companies; and
- Corporate Insolvency – amendments to the insolvency processes and the enhanced regulation of receivers.
The consultation closes on 9 June 2023.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.