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Corplaw Blog

Choosing A Company Name In Ireland

Posted by Corplaw on Apr 7, 2015 12:20:00 PM

Making A Name For Yourself

When incorporating a company, choosing the right company name is important. A company name must be unique. A name that is identical or overly similar to one which already exists will not be registered.

Where there is a similar company name in existence which obstructs the registration of a company name, it is possible to furnish the Companies Registration Office with a Letter of No Objection from the existing company to the use of the proposed name. For example, where the two companies will be associated or where the beneficial owner of both companies is the same.

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Topics: Ireland, Legal, Incorporations

Companies Act 2014 – New Audit Exemption Rules

Posted by Corplaw on Mar 10, 2015 7:30:00 AM

The aim of the new Companies Act 2014 is to simplify and streamline company law in Ireland and will enter into force on 1 June 2015. The new Act seeks to place small private limited companies, which account for approximately 85% of all companies registered in Ireland, at the heart of the legislation, making it easier for them to do business.

Among the many and wide-ranging changes this new Act will give rise to are in relation to the rules surrounding audit exemptions. The purpose of the audit exemption is to reduce any disproportionate and undue administrative burden on those companies that meet the relevant criteria.

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Topics: Ireland, Legal, Compliance

Establishing A Branch In Northern Ireland

Posted by Corplaw on Feb 24, 2015 7:30:00 AM

Certain Irish companies find it valuable or essential for businesses to open a branch in Northern Ireland. This blog will examine the process undertaken when an Irish company establishes a branch in Northern Ireland.

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Topics: Ireland, Legal

Audit Committees - The Facts In 2 Minutes

Posted by Corplaw on Feb 10, 2015 11:00:00 AM

An audit committee can play a very important role in a company’s corporate governance policy. Any company in Ireland may set up an audit committee, however the Companies Acts do indicate that ‘public interest entities’ such as banks, insurance companies and companies with shares quoted on a stock exchange must have an audit committee.

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Topics: Corporate Governance, Directors, Audit

Declaring A Conflict Of Interest: Discharging A Director’s Duty

Posted by Corplaw on Jan 27, 2015 10:00:00 AM

Companies place trust and confidence in their directors to act in the best interests of the company. The special degree of trust between a company and director creates a fiduciary relationship. The rules of no-conflict of interest and no secret profit reassures companies that the directors will act in the best interests of the company.

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Topics: Corporate Governance, Directors, Legal

Creditors Of An Irish Company - Their Powers Explained In 3 Minutes

Posted by Corplaw on Jan 13, 2015 9:35:37 AM

A person or company to whom money is owing is a creditor.

There are two main types of creditors. A secured creditor has collateral since their debt is secured on one or more of the company’s assets. For example, a bank may demand that the company’s property is secured against a loan which they provide. Whereas, an unsecured creditor’s debt is not secured on company assets. For example, the company’s stationary supplier will usually not request collateral when supplying goods on credit.  

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Topics: Ireland, Legal, Creditor

Understanding & Extending Your Annual Return Dates

Posted by Corplaw on Dec 16, 2014 9:30:00 AM

An Annual Return is a snapshot of certain company information at the Annual Return Date (“ARD”). In Ireland, all private companies are required to file an annual return (Form B1) once every calendar year with the Companies Registration Office (“CRO”).

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Topics: Ireland, Legal, Compliance

The Penalties For Breaching Company Law In Ireland

Posted by Pearse Trust on Dec 2, 2014 9:30:00 AM

In Ireland, companies and individuals who breach company law run the risk of criminal proceedings and court penalties; this fact has been illustrated broadly in the media through this years trial of top-level executives of Anglo-Irish bank.

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Topics: Ireland, Corporate Governance, Legal

Irish Share Capital – An Overview

Posted by Corplaw Admin on Nov 18, 2014 11:30:00 AM

Capital Maintenance Rules

The capital maintenance rules are designed to protect the interests of creditors of a company by ensuring that capital is maintained as a secure fund which cannot be distributed to shareholders unless it is distributed following a winding up. This blog shall briefly examine the classification of share capital before considering the capital maintenance rules and reducing share capital.

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Topics: Ireland, Legal, Shareholders

Directors’ Authority To Allot Shares In An Irish Company

Posted by Corplaw Admin on Nov 4, 2014 9:30:00 AM

Authorised share capital is the maximum amount of shares which a company can issue. Issued share capital is the amount of shares issued (or allotted) directly from the company to shareholders. They are called allotted because they are being issued for the first time rather than being transferred from one party to another. In Ireland, directors need to be given the power to allot shares.

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Topics: Ireland, Directors, Shares