The long-awaited New Companies (Accounting) Act 2017 is about to arrive here in early May !
Already passed by Dail Eireann, it’s set to be enacted here next month and will be commenced into law almost immediately.
The new citation will be the Companies Acts 2014 to 2017.
We will have three different Companies Acts in 2017. The Principal Act of 2014 and the two new Companies Acts 2017, expected here in May 2017. The Companies Statutory Audits Bill 2017 is expected in the autumn and that will increase the number to three different companies acts if enacted in 2017.
The Companies (Accounting ) Act 2017 will contain over 101 Sections of new law and its hugely significant to every single company in that it introduces brand-new formats with regard to the extent of financial information which must be published in the CRO. Small companies with a turnover below €700,000 can opt to be classified as micro companies with significantly reduced reporting requirements to the CRO.
CPD Seminars will be hosting seminars nationwide covering the New Companies (Accounting) Act 2017, as well as what is really relevant in the BOR Regulations and CRO Mandatory efiling. Seminars for accountants, company directors, company secretaries, solicitors, credit controllers, insolvency practitioners and others.
Find out more and sign up – https://www.cpdseminars.ie/product/the-companies-act-2017/
We wonder if all 500,000 Irish company directors are really fully aware of the little-known Statutory Instrument 458 of 2016 signed into law by the Minister responsible for company law, Mary Mitchell O’Connor on Wednesday 24th August 2016 when most people were away on their annual holidays.
It’s very fairly clearly signposted on the CRO website but that might be enough!
Full electronic filing can be challenging if you’re not using the system on a regular basis and if you’re not familiar with the Revenue ROS certificates.
So on Thursday, 1st June 2017 no more paper accounts, annual return forms or change of registered office or officers unless filed electronically!
Basically there are two systems, electronic filing CRO forms using the director/Secretary Signature page but that still means you need to get a paper document into the CRO within 28 days of electronically filing the statutory form.
Full electronic filing is 100% paperless but you really need to be well set up in advance and well acquainted with the use of the ROS certificate.
Company directors and company secretaries need to be well acquainted with these methods before Thursday, 1st June 2017.
Being late in 2017 is simply unacceptable with the draconian sanction of the statutory audit requirement for two years in circumstances where audits will cost a lot more in 2017.
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Minutes of meetings of board meetings and members are extremely important. Since the enactment and commencement into law of the Companies Act 2014 it is now a mandatory statutory requirement that a Company shall keep a proper minute book recording all appointments of directors, particular arising the names of the directors present at the board meeting or any special committee of the directors including all resolutions and proceedings of all meetings of its directors and of committees of directors.
The law requires that such minutes be entered in the minute book as soon as may be after a particular appointment is made and the meeting concerned has been held or alternatively if a resolution has been properly passed by the members of the Board.
Every company is under a mandatory duty if requested by the Office of the Director of Corporate Enforcement to produce the minute book for inspection!
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BoardPad is a tool to increase director’s efficiency. It is a board portal where directors can access documents for company meetings. This means that directors no longer have to carry around bulky boardpacks to and from meetings.
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For more information visit The Company Shop website http://www.thecompanyshop.ie/
At Least 10 “New Things” Clients Will Require in 2016
The new Section 343 District Court Application
- The new Section 343 District Court Application to restore a “Lost” Audit Exemption. This could prove to be a hugely popular new application in the local courts.
Examinership Lite in the Circuit Court
- Examinership Lite in the Circuit Court, New Rule 53A, available locally, thousands of companies are insolvent and in need of this rescue remedy but you need to get your paperwork ready now?
The new section 53 High Court Application
- The new section 53 High Court Application, enforcement of orders and judgements against companies and their officers, this new application has the capacity to become a powerful new weapon in the armoury of a creditor stung by a company bad debt ?
The new Section 132 Application
- The new Section 132 Application to permit an undischarged bankrupt act as a manager or a company director. Hundreds of directors will require this application in future.
- Section 212 Cases? What happens when shareholders/ directors are embroiled in dispute? New “Corporate Divorce” provisions in the new Companies Act 2014.
Section 52 Application
- Defending proceedings brought by a company. The new Section 52 provisions that might require a company give full security for legal costs and may stay all proceedings until security is given.
Making Directors Personally Liable, Section 232
- Suing directors personally, the new Section 232 provisions and the new duty on directors to act both “Honestly and Responsibly”. A new remedy for creditors and insolvency practitioners.
The new Section 570 21 day warning letter
- The benefits and advantages of the new Section 570, 21 day warning letter?
The Winding up Petition under the Companies Act 2014
- How and when to use the new winding up petition and how to get great results from this procedure under the Companies Act 2014?
The new Section 567 Application
- The new Section 567 Application for relief against abandoned unliquidated insolvent companies, a creditors remedy worth remembering.
Company directors don’t appear to be aware of the two great benefits that follow from a successful application to the local District Court to extend the date for the filing of an annual return that’s late!
Perhaps the number one advantage is that the company gets to keep its very valuable audit exemption and now that audit exemption looks like it’s heading towards €12 million in respect of accounting periods commencing on or after 1st January 2016, hopefully, after the legislation is enacted and commenced into law!
Irish companies have paid millions over the years in late filing fees and a successful application means that the late filing penalty of up to €3, 600 is waived.
The application can be made in any local District Court where the registered office is situated and the application can still be made in the High Court.