The Department of Enterprise Trade and Employment has launched a public consultation on proposals to enhance the Companies Act 2014.
The Department is seeking views on a proposed Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2023 which will focus primarily on four areas of company law:
- Corporate Governance – including the option to hold fully virtual AGMs and general meetings and procedural and legislative changes that arise primarily from practical problems and anomalies in transactional matters such as mergers;
- Company Law Enforcement and Supervision – enhanced power for the Corporate Enforcement Authority, the Irish Auditing and Accounting Supervisory Authority and the Companies Registration Office, to streamline procedures, deliver administrative efficiencies and strengthen reporting requirements;
- Company Law Administration - enhancing certain administrative processes carried out by the Registrar of Companies to ensure that the register is suitably equipped, as well as modernising certain administrative requirements for companies; and
- Corporate Insolvency – amendments to the insolvency processes and the enhanced regulation of receivers.
The consultation closes on 9 June 2023.
“This review of the Companies Act 2014 takes into consideration developments brought to attention through stakeholder engagement, developments in case law, and through the work of the Company Law Review Group. “The consultation process provides an opportunity for the public to express views on the specific proposals outlined and I would urge your participation in contributing to shaping the future of company law.”