This Act which replaces the 1963 - 2013 Companies Acts came into effect on 1 June 2015 and has changed the face of Irish company law. In particular within the Act there are now four specified categories of offence for which directors could face a fine or a term of imprisonment or both.
This Act was signed into law in February 2009 and the Charities Regulatory Authority came into effect in 2014 - you can visit their website at www.charitiesregulatoryauthority.ie
For more information regarding company legislation please contact us.
This legislation was signed into law on 24 January 2011. The bill introduces reform for the owners of existing and new apartment and multi-unit residential complexes enabling them to enjoy improved legal protection. A "owners management company" has to be set up by the developer to take over the common areas prior to any unit being sold. The developer still has an obligation to complete the development. A specific provision for the transfer of ownership of the common areas has been made in the bill for multi-unit developments that have already been built. A voting structure of one vote per unit has to be put in place. Any person who buys a unit in a development will automatically have membership of the owner management company and be entitled to a vote in the company. The owner management company has to hold annual general meetings and provide information to its members.
The owner’s management company has to establish and outline its annual service charges. Existing management companies also have to set up this scheme. The developer has to pay the cost of service charges for units that have not been sold. Owner’s management companies also have to establish a sinking fund for non-recurring maintenance and repairs. This fund has to be set up within 3 years of the sale of the first unit and each unit has to pay a minimum of €200. For existing developments, this sinking fund has to be set up 18 months from the date of these regulations. Management companies will be allowed to set house rules for the development but the rules must match up with agreements in the title deeds of the unit owners.
A new dispute resolution system has been put in place in the Circuit Court. Under this new dispute resolution system, interested parties will be able to apply for an order to ensure a development functions properly or to protect an applicant’s rights which cannot be protected other than by going to court.