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ARTICLE · 02 DECEMBER 2024

Insolvency Reforms Under Amended Companies Act

William Fry LLP
William Fry LLP
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The Act amends the Companies Act 2014 (2014 Act), introducing enhancements in corporate governance, company law administration, enforcement and supervision, and corporate insolvency.

IrelandInsolvency/Bankruptcy/Re-Structuring
Fergus Doorly
Fergus Doorly
Barbara Galvin
Barbara Galvin
Ruairi Rynn
Ruairi Rynn
Gail Nohilly
Gail Nohilly
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The Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 (2024 Act) partially comes into force on 3 December 2024 under a recently published commencement order (Commencement Order).

The Act amends the Companies Act 2014 (2014 Act), introducing enhancements in corporate governance, company law administration, enforcement and supervision, and corporate insolvency. This article focuses on the insolvency-related provisions of the Act, highlighting key changes and their implications for companies and other affected parties.

Liquidators

Under section 683 of the 2014 Act, a liquidator must apply for the restriction of each director of an insolvent company. The 2024 Act clarifies that the liquidator's obligation extends to defending any appeals against restriction orders in such applications.

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