Companies (Miscellaneous Provisions) Act 2013 – Update March 2014
The Companies (Miscellaneous Provisions) Act 2013 was signed by the President on 24th December 2013. This action has the effect of:
- allowing SMEs to apply to the Circuit Court for Examinership. This will allow small companies to seek the protection of the Circuit Court to facilitate the restructuring of debts (i.e. allows small private companies to apply directly to the Circuit Court to have an examiner appointed instead of having to apply to the High Court first which will lower costs and provide greater accessibility for small private companies to the Examinership process); and
- changing the citation of the Companies Acts to “1963 to 2013”. Effective now this citation should appear on all copies of Memoranda and Articles of Association filed with the CRO and the appropriate annotation should appear in the Auditors’ Report in Financial Statements.
One of the legal provisions in this Act is to allow a facility to file the Annual Return and Financial Statements fully electronically and it is expected that this provision will commence in January 2014.
Sections 3 and 4 of the Act, which removes the requirement for accounts documents filed with the CRO to include handwritten signatures and instead requires that the signatures appear in TYPED form on each document, will be commenced on Monday 10th March 2014.
For more information on the new provisions for electronic filing of Financial Statements go to the new CRO web page.