The Government has approved the extension of the interim period of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 to 30^th April 2022.

• Director and Member Meetings can continue to hold virtual meetings

• Threshold at which a company is deemed unable to pay its debts remains at €50,000

• Extension of examinership to 150 days remains in place.

Introduction of SCARP (Small Companies Administrative Rescue Process)

This is a practical piece of legislation intended to make the Examinership process more accessible and less expensive. It provides for a tight timeline for the entire process without the company having to go to Court.

Brief highlights of SCARP

• To avail of SCARP a company must be “small” or “micro” – no more than 50 employees, turnover does not exceed €12m, balance sheet does not exceed €6m.

• Company is unable to pay its debts

• The company cannot have appointed an Examiner or Process Advisor (insolvency practitioner) within previous 5 years.

• Process Advisor assesses viability of the company and its ability to trade its way out of current difficulties.

• Entire process should be completed within 70 days.

KomSec Limited will be closed from close of business on Wednesday 21.12.2022 and open again on Tuesday 03.01.2023.

Everyone in KomSec Limited wishes you all a very Happy Christmas, and hope you have a contented time with your family and friends. 

We look forward to working with you in 2023.

As part of the appointment process every Director acknowledges he/she is responsible for securing their company complies with all relevant obligations. Two examples of “relevant obligations” would include compliance with the Lobbying Act 2015.

• Property companies lobbying for changes in planning law, re-zoning of land.

• Charities advocating for changes in law.

The Lobbying Regulation (Amendment) Bill 2020 seeks to reform the Lobbying Act 2015. One of the proposals in the Bill will be the ability for a Designated Public Official to cease communicating with a lobbyist where they are aware that the person or body carrying on lobbying activities has failed to comply with the Act.

Transparency Ireland carried out a review of disclosure practices of 30 of Ireland’s top companies across a range of indicators including Responsible Political Engagement. Whilst a number showed leadership in the area it is fascinating to note that most of the companies did not disclose a policy on responsible political engagement. Indeed, 28 out of the 30 companies reviewed did not publish rules or policies dealing with “revolving doors” (the movement of staff rom the public sector to companies or vice versa).

For greater detail on this topic take a look at www.lobbying.ie and www.transparency.ie