The New Companies Act 2014 – How Will It Affect Your Business?
It is important for Every Business to be aware of the Provisions of the New Companies Act 2014 as the details will impact on their business in a number of ways.
Book A One to One Consultation!

Get Your Business Prepared for the New Companies Act 2014!

 

New legislation will soon be enacted which will consolidate the existing Companies Acts 1963-2013 into one new single piece of legislation (Companies Act 2014). The Bill passed the final stage before enactment on 10 December 2014, will now be presented to the President for his signature, which is expected to happen late December or early January. Changes to the companies act will make it easier to register and operate a limited company in Ireland and will simplify the provisions of Irish company Law. The bill is expected to be signed into law shortly with its Full Implementation Scheduled for June 2015. Some of the Main Features of the New Companies Act 2014 include:

 

  • The need for a ‘physical’ Annual General Meeting (AGM) will be removed, once the shareholders agree.

  • Single Director Companies will be permitted once a Separate Company Secretary is appointed.

  • Under the New Companies Act 2014 if a creditor is owed over €10,000 and the sum remains unpaid for three weeks then an application can be made to the courts for the liquidation of the company.

  • Offences for breaching the companies act will now be ranked on a Scale of 1-4 (1 being the most serious) with the punishments for breaches of the law clearly stated, resulting in greater transparency. Fines ranging from €5,000 – €500,000 are outlined in the act.

  • The Definitions of a Small & Medium Sized Company have changed. Definitions are now stated as:

    • Small Company – Turnover <€8.8m, Balance Sheet Total <€4.4m, No of Employees <50.

    • Medium Company – Turnover <20m, Balance Sheet Total ,10m, No of Employees <250

  • The law relating to the strike off of companies will be changed and a legal distinction will be drawn between voluntary strike-off and involuntary strike-off.

  • The Memorandum & Articles of Association will be replaced by a ’Constitution’ document which will be provided by default (unless a specific company constitution is requested).

  • A new principle of “Summary Approval Procedure” will no longer require companies to obtain High Court approval for procedures like capital reductions and solvent windings up.

  • Audit Exemption will now be possible for holding and subsidiary companies once certain conditions are met.

  • Thresholds for Audit Exemptions will also change allowing more companies to avail of them.

  • Companies will be able to trade in whatever legally permitted business they wish without the need to pass a special resolution.

  • A Private Limited Company will become known as a ‘Company Limited by Shares (LTD)

  • LTD companies can pass majority written resolutions.

  • Directors of a business must be 18 years or older.

  • The Annual Returns and Accounts filing requirements have not changed under the new act.

 

It is important for Every Business to be aware of the Provisions of the New Companies Act 2014 as the details will impact on their business in a number of ways. Directors need to know their requirements when it comes to complying with company law and also of their rights when it comes to dealing with other companies.  Directors also need to be aware of their standing when issues of Payment and Creditor procedures arise and be aware of the formal avenues that must be followed in order to gain satisfaction when required.

 

Failure by Company Directors to know the main provisions of the New Companies Act 2014 can be costly with fines ranging from 5k to €500k for breaches of the new act, whether through deliberate actions or ignorance of its provisions. Start getting ready for the New Companies Act 2014 in advance of it becoming law in June 2015. Stay ahead of the curve and know your new obligations as a business owner or director. The duties of the company director will be simplified and clarified under the new act but you must know your new responsibilities as ignorance is not an excuse.

 

Contact Avid Partners today if you require any clarifications on the upcoming New Companies Act 2014. We can assist you with a smooth transition and ensure that your business is compliant with all of the new provisions of the act. Phone us on 0818 303087 or email us advice@avidpartners.ie. Alternatively you can complete the contact form below.

 

  1. (required)
  2. (required)
  3. (valid email required)
  6. Captcha
 

cforms contact form by delicious:days

Scenarios:

Yes Avid Partners have two divisions of the company. We have an accountancy division that handles your day to day financial necessities and we also have an advisory division to assist companies develop their businesses. This can include consultancy, marketing and guidance when required. We can act as a Chairperson for your organisation if required and can also take away some of the day to day pressures that can restrict growth and slow development. Avid Partners can help with both of the critical aspects of a company, keeping costs down as much as possible and growing revenues exponentially. Technology companies need patience in developing their visions and an involved day to day partner is the best way of keeping a good business balance.
more info
It is a common problem for companies who are in a situation where their business is growing in real terms (users, visitors) but sales is not matching the other growth metrics as traditionally sales lags behind growth (Twitter, Linked In, etc). So what do you do? Every business needs access to finance to pay operating costs which gives the company time to develop future revenue streams. Thankfully the situation is getting better with many tech friendly finance options coming on stream such as micro financing, crowd funding and government agencies are also starting to show support interests.
more info
Every company starts out small with very limited resources at the beginning of the project. The key is to make the most from the resources you have and to seek out alliances, support systems and working partners. Start ups face many challenges including access to capital, regulatory requirements, economies of scale. We can help you develop your concept and will assist in every way possible from accountancy and day to day support to advisory services and raising finance. We can assist in a number of ways and have a portfolio of growing small companies that we help on an on-going basis.
more info
more info
Download our E-Book by filling in the form below. You will receive a download link where you can view the PDF. Many thanks for your interest!
more info
more info
CLIENTS
EVENTS
CLIENTS
  • Excel recruitment
    "A breath of fresh air. Your firm demonstrated enormous commercial understanding in turning around negotiations with a potential target vendor. I admire your style and ability to drive the deal forward. Many thanks."
  • Cartridge World Portlaoise
    "I would like to say I'm very happy with your service, especially the audit team, your staff are always friendly, helpful and a pleasure to deal with."
  • EBS SHOP
    "Your business approach to clients is very impressive. I have always found that when explaining the types of service on offer, it is always concise and straight forward. The level of trust that clients place in your company and its staff speaks volumes."
  • CRDS
    "I would like to take this opportunity to say how much we are impressed with your company's professionalism, it has been a pleasure working with you all and we look forward to working with you in the future."
  • "Avid Partners - Accountants & Business Advisors are an excellent firm of accountants, their quality ethos is outstanding."
  • Bank of Ireland logo
    "I have dealt with Jamie O' Hanlon, of Avid Partners - Accountants & Business Advisors Chartered Certified Accountants, for a number of years as he is auditor to one of my clients. I have always found him to be professional and responsive in his approach."
  • clelands supermarkets
    "Service is second to none; there is always someone at the end of the phone for any business advice. The staff are very easy to get along with, very approachable and know exactly what they are talking about"
  • Having got to know the company through the BNI we decided it was time to change accountant. What impressed me about Avid Partners was their professionalism. Their attention to detail was second to none and as an added bonus they are a sounding board to all of my questions. Avid also potted some irregularities in my accounts from the previous few years and saved me substantial money on the years tax bill. Avid Partners deliver a first class service which is everything you could want from an accountant and I am happy to give this endorsement.
  • We at Fitzies Bar have worked with Avid Partners - Business & Financial Advisers for over five years. We find that the advice and support offered to us in addition to all of our book-keeping requirements to include payroll, VAT, etc. is invaluable and has helped to contribute to our continued growth especially in these challenging times. I would have no hesitation in recommending Avid Partners.
  • cottage surgery
    Jamie and his staff are a pleasure to work with. They respond promptly to any queries we have and are critical to our financial planning and the future needs of our business. I would highly recommend them to anyone interested in accounting services.
  • We at Stillorgan Cycles have used Jamie and his Team at Avid Partners – Accountants and Business Advisers for over five years. We have found that the retail advice and support offered to us is second to none and has helped to contribute to our continued growth especially in these challenging times. I would have no hesitation in recommending Avid Partners.
  • I met Avid Partners through a local business networking group. We had been using the same accountants for years and found that in these harsh economic times that we were not getting good enough value or service. We were very impressed by the company's professionalism and enthusiasm and genuine interest in helping us get the most out of our business. As a result we are now clients of Avid Partners and are thrilled with our decision.
EVENTS
register for upcoming events

Register for upcoming events

  1. (required)
  2. (valid email required)
  5. Captcha
 

cforms contact form by delicious:days