Company Formation and Insolvency – Latest News

1. Important Changes in Irish Company Law

New obligations for company directors have now been introduced into Irish law. Non-compliance with these obligations can lead to:

* Forfeiture of the company’s assets to the State
* Personal Liability of the directors for any fines
* Long-term disqualification of the directors from office
* Dissolution of the company
* Loss of limited liability

For further information on the new obligations on directors and other changes in Irish company law please click here.

2. Irish Registered Non-Resident Companies

Important changes in the law relating to Irish Registered non- resident companies were implemented by the Companies (Amendment) (Act, 2009 which came into law on 13th July 2009. The requirement since 1999 that at least one director of a company must be resident in Ireland has now been changed to require that such a director be resident in a member state of the European Economic Area (which comprise all of the European Union plus Iceland, Norway and Liechtenstein). Concerns had been raised that the requirement for an Irish resident director contravened European Union law.