The Companies Act 2014 was enacted on the 23 December 2014 and commenced 1st June 2015. The Act consolidated the existing Irish Companies Acts and many of the related statutory instruments into a single statute while simultaneously introducing significant reforms to Irish company law.
The Act has 1448 sections and 17 schedules, the Companies Act is the largest piece of legislation to ever be enacted in the history of the State. Unlike the UK Companies Act 2006, which consolidated UK company law, the Irish Act goes one step further and consolidates Irish law relating to corporate insolvency.
What the Act means for those in business:
For companies, it means a need to examine their constitutive documents and decide whether they are fit for purpose.
For directors, it means absorbing a more focused regime of director duties as well as noting some key changes that will relieve them from certain responsibilities.
For company secretaries, it means becoming familiar with a completely new legal architecture for the governance of companies.