-
Aviation Advisory
Our dedicated Aviation Advisory team bring best-in-class expertise across modelling, lease management, financial accounting and transaction execution as well as technical services completed by certified engineers.
-
Consulting
Our Consulting team guarantees quick turnarounds, lower partner-to-staff ratio than most and superior results delivered on a range of services.
-
Business Risk Services
Our Business Risk Services team deliver practical and pragmatic solutions that support clients in growing and protecting the inherent value of their businesses.
-
Deal Advisory
Our experienced Deal Advisory team has provided a range of transaction, valuation, deal advisory and restructuring services to clients for the past two decades.
-
Forensic Accounting
Our Forensic and Investigation Services team have targeted solutions to solve difficult challenges - making the difference between finding the truth or being left in the dark.
-
Financial Accounting and Advisory
Our FAAS team designs and implements creative solutions for organisations expanding into new markets or undertaking functional financial transformations.
-
Restructuring
Grant Thornton is Ireland’s leading provider of insolvency and corporate recovery solutions.
-
Risk Advisory
Our Risk Advisory team delivers innovative solutions and strategic insights for the Financial Services sector, addressing disruptive forces, regulatory changes, and emerging trends to enhance risk management and foster competitive advantage.
-
Sustainability Advisory
Our Sustainability Advisory team works with clients to accelerate their sustainability journey through innovative and pragmatic solutions.
-
Asset management Asset management of the futureIn today’s global asset management landscape, there is an almost constant onslaught of change and complexity. To combat such complex change, asset managers need a consolidated approach. Read our publication and find out more about what you can achieve by choosing to work with us.
-
Internal Audit Maintaining Compliance with New EU Pension Directive IORP IIOn 28 April 2021, the Irish Government transposed IORP II (Institution for Occupational Retirement Provision), an EU directive on the activities and supervision of pension schemes, into law.
-
Risk, Compliance and Professional Standards FRED 82 – Periodic Updates to FRS 100 – 105The concept of a new suite of standards for the UK and Ireland, aligning with international financial reporting standards, was first conceived in 2002
-
Audit and Assurance Auditor transition: how to achieve a smooth changeoverAppointing new auditors may seem like a daunting task that will be disruptive to your business and a drain on the finance function. Nevertheless, there are a multitude of reasons to consider a change, including simply seeking a ‘fresh look’ at the business.
-
Corporate Tax
Our Corporate Tax team is made up of more than 40 highly experienced senior partners and directors who work directly with a wide range of domestic and international clients; covering Corporation Tax, Company Secretarial, Employer Solutions, Global Mobility and Tax Incentives.
-
Financial Services Tax
The Grant Thornton team is made up of experts who are fully up to date in terms of changing and evolving tax legislation. This is combined with industry expertise and an in-depth knowledge of the evolving financial services regulatory landscape.
-
International Tax
We develop close relationships with clients in order to gain a deep understanding of their businesses to ensure they make the right operational decisions. The wrong decision on how a company sells into a new market or establishes a new subsidiary can have major tax implications.
-
Private Client
Grant Thornton’s Private Client Services team can advise you on all areas of financial, pension, investment, succession and inheritance planning. We understand that each individual’s circumstances are different to the next and we tailor our services to suit your specific needs.
-
VAT
Grant Thornton’s team of indirect tax specialists helps a range of clients across a variety of sectors including pharmaceuticals, financial services, construction and property and food to navigate these complexities.
There has been significant talk over the last few years about the updating of company law in Ireland by the enactment of a new Companies Act in place of the existing legislation which stretches from 1963 to 2013. The new legislation has become a reality with the Companies Act 2014 (the “Act”), signed into law last December and commencing into operation in June.
It is the largest piece of legislation to be introduced in Ireland and will have an impact on every Irish company. The new Act puts the private limited company at the heart of the legislation, which is something that is long overdue considering 90% of the companies registered in Ireland are private limited companies. The Act seeks to set, out in clear terms, the duties of directors and protection for shareholders and creditors. Overall, the Act is a positive piece of legislation which aims to reduce red tape and bring Irish company law up to date.
The new Act introduces a new simplified type of private limited company with a one-page constitution, the possibility for single director companies and reduced administrative compliance obligations. It also sets out company directors’ duties for the first time and introduces a new “summary approval procedure”, which bypasses the need for High Court applications for certain activities such as capital re-organisations and reductions.
The Act provides for a number of new formats for registered companies and also provides for the designation at the end of the company name to make it easily recognisable as a particular type of company. Below is a short table setting out some of the more common company types. We would note that the Irish language equivalent can also be used.
Over the coming months, companies should be speaking with their advisors and considering which entity type best suits their business and put the necessary steps in place to ensure they have a company fit for their purposes under the new regime.
The Act will also extend the audit exemption to small groups, unlimited companies and guarantee companies once they meet the criteria set out in the Act (these companies were previously prohibited from availing of an exemption from having their accounts audited).
Certain transactions will now become easier for companies such as reductions or variations of capital, simplification of unwieldy group structures and mergers of private Irish entities.
The Act will bring more emphasis on the need to correctly document loans between directors and companies. It should of course be noted that loans to directors, while permissible under certain criteria in the Act, still have a taxation implication, and, advice should always be taken from your professional advisors in this regard.
As part of the increase in good governance certain large companies (turnover exceeds €25 million and balance sheet total of €12.5 million) will be required to make a director’s compliance statement whereby they must acknowledge compliance with both company and tax law. Another new requirement for directors will be that in the directors’ report in the financial statements the directors must confirm there is no relevant audit information of which auditors are unaware. This leads to increased accountability for directors of Irish entities.
Up until the commencement of the Act only ‘public interest entities’ need to establish an audit committee. This is now being extended to ‘large companies’ under the Act. Large companies are defined as companies where the turnover exceeds €50 million and the balance sheet total exceeds €25million. If a company (or group) decides not to set up an audit committee (which is permitted under the Act) it must disclose the reasons for this in the director’s report.
Part 5 of the Act gives statutory recognition to the current common law and equitable principles regarding directors’ duties. This will mean greater clarity for directors.
The Act provides that those persons who are “shadow directors” and “de facto” directors will equally be bound by the duties in the same manner as directors who have been formally appointed. The duties are not new but are re-stated together with a couple of adjustments, leading to more clarification for directors as to the requirements of the role and attaching responsibilities.
The duties can be mostly broken down into fiduciary duties (previously coming from case law) and general duties (previously more common law duties but also including and expanding upon existing statutory duties). This codification of directors’ duties is something to be welcomed as it removes any ambiguity surrounding the duties owed by directors and provides a centralised reference point for directors and professional advisors.
To learn more about the Companies Act 2014, please refer to our other publications at www.grantthornton.ie or contact the Grant Thornton Companies Act 2014 team at companiesact2014@ie.gt.com.