The commencement of the new Companies Act took place on 1 June 2015. All companies must therefore consider the steps to take so as to align their structures with new company law.
Our Corporate Law Department has put together the resources on this page as an introduction the Companies Act and the steps that companies may need to take to prepare for its enactment and commencement.
The Companies Act 2014 is the culmination of a work programme commenced by the then Department of Enterprise and Employment in 1999, with the establishment of a company law consolidation project. The following year the Company Law Review Group (CLRG) was established on a non-statutory basis, being put on a statutory footing by the Company Law Enforcement Act 2001, Part 7. Click here to access all the CLRG reports.
The Companies Act has repealed more than two dozen statutes, effectively, the entire of the Companies Acts 1963 to 2013, with the exception of EU-derived securities law, and has consolidated them in a single statute.
For the most part, the Companies Law Act simply restates the existing law without changes. However, the Act is also a reforming statute which contains streamlining reforms in areas such as governance, legal capacity and mergers.
Unlike previous consolidations of company law, the Companies Act requires existing private companies to take an active step after enactment to prepare a new-form constitution and elect either to re-register as a designated activity company or to register (or be deemed to register) as a new-form private company limited by shares. The resources presented here set out the steps that need to be taken and the options for transition.
If you have any questions related to the Companies Act 2014, read our articles below and visit our Frequently Asked Questions in relation to the Act.