The company law regime in Ireland has undergone a complete overhaul with the coming into force of the Companies Act 2014 (as amended).
The new legislation consolidated the multiple pieces of legislation previously in force and endeavours to simplify this complex area of law.
Company directors are advised to familiarise themselves with the new Act and the fundamental changes that it introduced.
The default company form is a simplified new private company known as a “LTD”. It has one constitution instead of a separate Memorandum and Articles of Association. The LTD is not required to have an objects clause to limit the company’s activity. The benefits of the new regime include the need for only one director, the ability to dispense with an AGM, and no limiting objects clause.
The main alternative to an LTD is a Designated Activity Company (“DAC”) which closely resembles the previous private company form, with two sets of constitution documents and an objects clause.