On 12th November, the President signed into law the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024.
However, this does not mean that the areas of the Bill have commenced or that the features of the Bill are in place yet. It is however expected they will commence quickly.
The Bill contains provisions amending the Companies Act 2014 relating to:
Corporate governance
Improvements will include procedural and legislative changes to the Act that arise primarily from practical problems that have arisen.
Company law enforcement and supervision
A significant development in the Bill is enriching the powers of the Corporate Enforcement Authority (CEA), the Irish Auditing and Accounting Supervisory Authority (IAASA) and the Companies Registration Office (CRO) by streamlining procedures, facilitating administrative efficiencies, and strengthening reporting requirements.
Company law administration
Administrative processes overseen by the Registrar of Companies are slated for enhancement to ensure the register remains suitably equipped as well as modernising certain administrative requirements for companies.
Corporate insolvency
The Bill seeks to enhance regulation with regards receivership and proposes amendments to SCARP.
We await details of its commencement.
The contents of this article are meant as a guide only and are not a substitute for professional advice. The author/s accept no responsibility for any action taken, or refrained from, as a result of the material contained in this document. Specific advice should be obtained before acting or refraining from acting, in connection with the matters dealt with in this article. The information at the time of publishing was accurate and could be subject to final changes.
