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ARTICLE · 17 FEBRUARY 2015

Companies Act 2014 Update

Mason Hayes & Curran LLP
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Here is a summary of developments in relation to the Irish Companies Act 2014 as of this date.

IrelandCorporate/Commercial Law
Paul Egan
Paul Egan
Claire Lord
Claire Lord
David Mangan
David Mangan
David O'Donnell
David O'Donnell
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Here is a summary of developments in relation to the Irish Companies Act 2014 as of this date.

  • 1 June remains as the target date for commencement. The draft Commencement Order is expected to be made by the Minister in April 2015.
  • New accounts–related requirements such as the Directors' Compliance Statement and the requirement for a statutory Audit Committee are expected to apply with respect to financial years commencing on or after 1 June 2015.

This means by way of example:

  • If your financial year commences on 1 July 2015 and your company is within the scope of the relevant provisions, you must have an Audit Committee in place on that date.
  • If (as will be the case with a majority of companies) your financial year commences on 1 January and your company is within the scope of the relevant provisions, you must (i) have compliance systems in place from 1 January 2016 and (ii) add a Directors' Compliance Statement in your accounts for financial year

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