3rd December 2024 |
Acts
A majority of the provisions of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 come into force with effect from 3 December 2024. The Act will enhance and amend the legislative framework provided by the Companies Act 2014 in the areas of governance, administration, insolvency, enforcement and supervision.
The Commencement Order provides that from 3 December 2024 the following 64 of the Act’s 90 provisions will come into effect:
- to provide for the conduct of, and participation in, general meetings of a company or industrial and provident society by the use of electronic communications technology
- to provide for additional grounds for involuntary strike off of companies
- to provide for the disapplication of the Probation of Offenders Act 1907 to an offence under section 343 of the Companies Act 2014
- to provide for an offence of obstructing, interfering with or impeding an officer of the Corporate Enforcement Authority
- to make certain amendments to the rescue process for small and micro companies
- to enable the Irish Auditing and Accounting Supervisory Authority to issue an interim direction in certain circumstances
- to extend the list of competent authorities to which the Corporate Enforcement Authority may disclose information, books or documents under section 792 of the Companies Act 2014
- to enable specified bodies to disclose information to the Corporate Enforcement Authority under section 944Q of the Companies Act 2014
- to enable the Irish Auditing and Accounting Supervisory Authority to use money paid into the reserve fund in accordance with section 919 of the Companies Act 2014 in the performance of its functions under section 934 of that Act
- to repeal certain provisions of the Companies Act 2014 and the Industrial and Provident Societies Act 1893
For commencement in 2025: The 26 provisions not commencing on 3 December 2024 are those that require technical updates to be made to the CRO’s ICT systems to facilitate the changes proposed. These provisions relate to the prescription of forms for submission to the CRO and the removal of the automatic loss audit exemption for small companies on a first occasion of failure to file annual account. It is intended to commence these provisions in 2025.
Irish Statute Book: Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024
Topics:
Company Law