On 24th July the Department of Enterprise, Trade and Employment announced that the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 had been initiated in Dáil Eireann.
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 to receivership and proposes amendments to SCARP.
Beyond amendments to Companies Act 2014, the Bill also has enhancements to Industrial and Provident Act 1893, Registration of Business Names Act 1963, Criminal Justice (Surveillance) Act 2009 and Communications (Retention of Data) Act 2011.
Included in the Press Release, Minister Burke said:
"This Bill will ensure the Corporate Enforcement Authority; the Companies Registration Office and the Irish Auditing and Accounting Supervisory Authority have the appropriate legislative tools to investigate and prosecute breaches of company law. It is vital that Ireland has a solid framework which allows enterprise to flourish, supports a competitive economy and reinforces Ireland’s reputation as an attractive place to do business."
While Minister Calleary said:
"I am delighted to see that this Bill provides for pro-enterprise measures for SMEs including the introduction of a graduated regime in respect of a first instance of late filing with the Companies Registration Office. The new regime will replace the automatic loss of the audit exemption which will save time and money for thousands of small and micro companies. I look forward to bringing this Bill to the Oireachtas to get this legislation progressed as a matter of priority."
Over the coming weeks, we will delve deeper into the various sections of the Bill, providing an in-depth analysis available on CPDStore Blogs. It is imperative to note that certain details of the Bill may undergo revisions as it progresses. We urge you to consult our latest blogs on the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 to ensure you remain abreast of the latest guidance.
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.
