The Companies Act 2014 consolidates the existing 17 Companies Acts, which date from 1963 to 2013, into one Act and it also introduced a number of reforms, which are designed to make it easier to operate a company in Ireland.
The Act provides significant benefits to companies by reducing unnecessary bureaucracy and making company law obligations easier to understand. This landmark legislative project, which is the largest substantive Act in the history of the State, brings significant benefits to companies of all types throughout the country, and is part of the Government’s drive to make Ireland the best small country in the world in which to do business.
The Act came into effect on 1 June, 2015. Set out in 25 Parts, 1,448 sections and 17 Schedules, the Companies Act 2014 provides for a number of different company types and provides for company incorporation, everyday administration and management, to winding up and dissolution. The Act incorporates the rights and duties of its officers, shareholders and members as well as creditors.