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Key parts of new company law now in effect

Most parts of a new law that gives regulators more powers to encourage and enforce compliance with company law have come into effect today (3 December).

The act will also allow companies to hold hybrid or fully virtual general meetings on a permanent basis.

Peter Burke (Minister for Enterprise, Trade and Employment) said that he had commenced the majority of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024, after its enactment by President Higgins on 12 November.

Involuntary strike-off

Among the other main parts of the act coming into effect today are:

• To provide for additional grounds for involuntary strike-off of companies,
• To provide for an offence of obstructing, interfering with, or impeding an officer of the Corporate Enforcement Authority,
• To make certain amendments to the rescue process for small and micro companies,
• To enable the Irish Auditing and Accounting Supervisory Authority to issue an interim direction in certain circumstances, and
• To extend the list of competent authorities to which the Corporate Enforcement Authority may disclose information, books, or documents under section 792 of the Companies Act 2014.

The department says that the act’s remaining provisions require technical updates to be made to the Companies Registration Office’s (CRO’s) technology systems.

These provisions relate to the prescription of forms for submission to the CRO and the removal of the automatic loss of audit exemption for small companies on a first occasion of failure to file annual account.  

It is intended to commence these provisions in 2025.