After 15 years of preparation, consultation and revision, a comprehensive new Companies Act was enacted on 23 December 2014 and came into effect on 1 June 2015. With nearly 1,500 sections and 17 Schedules, this is the largest piece of legislation ever enacted by the Oireachtas.
The new Act modernises and simplifies company law, especially with regard to companies limited by shares. While red tape for SME companies is reduced, there are new obligations on directors to ensure they have the appropriate authority to carry out transactions and to document any changes in writing, particularly loans to or from directors and connected persons.
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