COMPANIES ACT 2014 – DIRECTORS’ LOANS AND UNLIMITED LIABILITY

Comapnies Act 2014

LOANS TO DIRECTORS Under the Companies Act 2014 loans, quasi-loans or other arrangements, such as entering into a transaction as a creditor on behalf of the director of the company or of its holding company, or providing guarantees or any other security in connection with a loan, quasi-loan or credit transaction, are prohibited to directors or parties connected to directors except under the following circumstances: The value of the arrangement is less than 10% of the company’s relevant net assets as determined by its latest statutory financial statements as laid before its AGM. Where the company’s […]

COMPANIES ACT 2014 – OFFENCES AND PENALTIES

Comapnies Act 2014

Under the Companies Act 2014 four Offence Categories have been established with associated penalties for each category. Category 1 offences can result in imprisonment for up to 10 years and/or a fine of up to €500,000 on conviction on indictment or on summary conviction imprisonment for not more than 12 months and/or a fine not exceeding €5,000. Category 2 offences can result in imprisonment of up to 5 years and/or a fine of up to €50,000 on conviction on indictment or on summary conviction imprisonment for up to 12 months and/or a fine not exceeding €5,000. […]

COMPANIES ACT 2014 – STRIKE OFF AND WINDING UP

Comapnies Act 2014

Liquidators must now be qualified to act and the Companies Act 2014 sets out the qualification provisions. Voluntary strike off is now given statutory recognition and members must pass a special resolution to apply to have the company voluntarily struck off the Register of Companies in the Companies Registration Office. To petition the High Court to have a company wound up, a creditor must have an undisputed debt of at least €10,000. The Act also establishes the grounds to strike off a company, which includes a provision that where a company is wound up and the […]

How to be a better client

David Ogilvy was considered by many to be the “Father of Advertising”. When Fortune published an article about him and titled it “Is David Ogilvy a Genius?” he asked his lawyer to sue the editor for the question mark. In his 1963 best seller “Confessions of an Advertising Man” Ogilvy devoted a complete chapter titled “How to Be a Good Client” in which he set down the rules which he believed would extract the best service from an advertising agency. The following are my rules adapted from Ogilvy which I would use to get the best […]

Companies Act 2014 Conversion and Audit Exemption

As most company directors are by now aware the new Companies Act 2014 came into force on 1 June 2015. Companies have to change status under the new legislation and undergo a conversion process generally to a Private Company Limited by Shares (LTD) or a Designated Activity Company  (DAC). It is estimated that over 96% of companies will be taking the LTD option. The main advantages to becoming an LTD are: The company need only have one Director. However the Company Secretary cannot be the sole Director. The company will no longer have to operate within […]

Lower your foreign exchange costs easily

We have partnered with TransferMate who can save you time and money on your international payments to suppliers by offering better exchange rates, lower transfer fees and faster payments. The company is a licensed European Payment Institute with offices worldwide and is regulated by the Central Bank of Ireland. Over 35,000 companies worldwide use the TransferMate service every month. TransferMate aims to eliminate bank charges and senders/receivers fees. It offers better exchange rates than banks and zero fees for transactions over €5,000. Irish banks offer a limited online platform whereas TransferMate provides a 24 hour online […]

Actions that will make you smarter

Want to expand your mind – legally? A little bit of brain exercise every day goes a long way to help you expand your mind and knowledge. Readers to an online thread shared the habits and actions they follow to fuel their brains and become smarter. Please let me know if you have any ideas to add to this list. Come up with 10 ideas every day on any subject. Read the newspaper. Play devil’s advocate. Read a chapter in a book. Instead of watching TV watch educational videos. Subscribe to feeds of interesting information. Check […]

Are you compelling customers to buy from you or your competitors?

Your competition is stiffer than you think. Your ability to win a sale is harder than you think. It’s because you aren’t just competing with your direct competitors. For example these battles happen… Does a consumer buy a new bed or opt for a Caribbean cruise? Does an engineering business hire a new person or invest in new machinery? Your buyers have a limited budget too. They can spend their money with you. Or they can spend their money on a variety of other products or services fighting for their cash. How do you compel customers […]

What a business should not do!

5 Things a Business Must Not Do

I was recently asked what I thought were the five most important things a business should not do. In no particular order they are: Don’t be over optimistic I generally find that businesses overestimate their income and underestimate their expenses which effects their profitability and cash flow which allied to overestimating the speed of cash inflows can create cash   flow problems. The advice here is to be realistic as possible and also do planning for various assumptions/scenarios. Don’t ignore your continuing education It is essential that you continue to invest in your knowledge base by reading […]

Close Company Surcharge

The corporation tax rate of 12.5% may increase if the close company surcharge is relevant to your company. The close company surcharge provisions discourage rolling up investment, rental and professional income in companies by imposing an additional tax on such income retained and not distributed by the close company. Section 441 Taxes Consolidation Act 1997 provides for a surcharge on certain undistributed income of service companies.  The section defines a service company as including close companies where the principal part of the company’s income is derived from the carrying on directly of a profession or the […]

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