Yes the New Companies Act has finally come! After many years of waiting the Act has been signed into law and we have the most comprehensive overhaul of company law since our state was founded. Every limited company will be affected. Every director, company secretary, auditor, member and many others will be affected. For your information, there will be PLCs, DACs, UCs, PULCs, CLGs, ULCs as well as LTDs. Now – don’t you feel better knowing all that?

But don’t put your head in the sand. It will be necessary for each company to see what type of new company structure best fits their purpose and make the necessary changes. There will be an 18 month transition period from the date the Act is commenced (expected to commence on 1st June 2015).

Then forms will need to be filled in and changes made to your corporate structure. Information is still a bit sparse but check the Companies Act 2014 for more details as they become available.

By the way – changes will apply to charities too under this legislation.