1. IMPORTANT CHANGES IN IRISH COMPANY LAW 2001.

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) (No.2) Act 1999 and by the Finance Act 1999 which affect new companies from 11 February 1999 and already established companies from 01 October 1999 see Radical Changes- Irish Registered non-Resident Companies

3. INSOLVENCY

On 31/05/02 Council Regulation 1346/2000 entered into force of law and provides cross-border recognition and enforcement of insolvency orders made by courts of the member states. Excluded from its scope will be the Irish voluntary liquidation and the Irish receivership procedure. The recognition offers greater protection of creditor's rights and provides for the mandatory recognition without any further formalities across the EU of court Judgements by which insolvency proceedings are commenced as well as Judgements deriving from those proceedings and closely linked to them. This firm which has since its foundation been associated with protecting creditor's rights and the recognition and enforcement of foreign Judgements, will now also provide these services in multi-jurisdiction insolvencies.