McCarthy Accountants's blog

Companies Act 2014 - Directors Duties

 
 
Introduction
One of the main objectives of the new Companies Act is the consolidation of existing company law 1963 to 2013. In relation to the duties of company directors, the Act codifies the existing duties as have been developed in the courts under common law and equity principles. In this regard, the Act gives greater clarity for directors and puts on a statutory footing their respective duties.

Companies Act 2014 - What it means for SME companies

 
The Companies Act 2014 was enacted on 23 December last and is expected to come into effect on 1 June 2015. The Act is the most significant piece of legislation in company law in over 50 years in the state.
 
The Act seeks to consolidate and reform Irish company law with an emphasis on the private limited company (the model for 99% of companies in the state), with one of the main objectives being to make the running of companies easier.
 

A summary overview - Allowable Expenses for the SME business owner.

 

Directors Duties & Responsibilities

 
The private limited company is a separate legal entity often used by business owners as a trading structure.  Basically speaking, the company is owned by the shareholders/ members while the duty of the directors is to act as custodians, looking after daily operations and strategy (for many companies, the shareholders and the directors are often one and the same people which can cause some confusion). 

Members Voluntary Liquidation

 

Income Tax Returns

 
Who Needs to file a Tax Return ?

Cashflow Management for your business

 

Audit Exemption - saving costs for your business

 
Business owners of limited companies are required by statute to have an annual audit carried out which obviously adds to professional fees and compliance costs. However, many small companies can avail of the audit exemption by fulfilling certain criteria:

Creditors Meetings Explained

 
Meeting Format:
 
The creditors meeting takes place at a place and time as advertised in the statutory notices (10 days notice by post to creditors and advertised in 2 daily newspapers) and is chaired by one of the directors who may be assisted by an accountant or legal advisor.

Steps to follow in Preparing a Company for Liquidation

 

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