Wednesday 15 September 2021

Ireland: The Companies (Corporate Enforcement Authority) Bill 2021

The Companies (Corporate Enforcement Authority) Bill 2021 was introduced in the Dáil Éireann earlier this month. A copy of the Bill, as introduced, is available here (pdf). Its progress can be followed here. The Bill is accompanied by an explanatory memorandum (here, pdf) and impact analysis (here, pdf).

The purpose of the Bill is to create a new a body, the Corporate Enforcement Authority, to replace and perform the functions currently performed by the Director of Corporate Enforcement. The Bill also makes changes to the Companies Act 2014, including those relating to share capital and governance. For example, an amendment to section 131 of the 2014 Act will make it clear that the purported appointment of an individual under the age of 18 to the post of secretary will be void.  Also, an amendment will be made to section 1045 to clarify the law on the transfer of shares (in particular when directors may decline to register the transfer of a share).

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