KomSec Limited will close from close of business on 21.12.2022 and open again on 03.01.2023.
Happy Christmas and a Happy New Year to all our clients
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.
The Government has approved the extension of the interim period of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 to 30th 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.
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
White Collar Crime – Beware!
A new independent statutory agency with increased power and resources to investigate and prosecute white-collar crime is on its way. The Companies (Corporate Enforcement Authority) Bill 2021 is due to be published shortly and will establish the Corporate Enforcement Authority. The CEA will replace (and strengthen) the Office of the Director of Corporate Enforcement.
Significantly increasing personnel and allowing for more specialised staff will make the CEA, according to the Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar “an Irish FBI… [for].. white collar crime”.
KomSec Limited will be closed from midday on 22.12.2020 to 05.01.2021 inclusive.
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 2022.
KomSec Limited will be closed from 19.12.2020 to 04.01.2021 inclusive.
Everyone in KomSec Limited wishes you all a very Happy Christmas, and hope you have a contented time with your family and friends.
Like everyone KomSec Limited is working around the impact of Covid-19 on business life.
Standard company secretary work, e.g. managing Company Registers, and filing statutory forms continues as usual. However, we are noticing clients becoming more cautious about formal gatherings be they seminars, workshops or board meetings.
To help manage these concerns KomSec Limited are facilitating clients by:
o increasing conference calls instead of client visits;
o virtual attendance at Board Meetings (mainly via Skype and Teams); and
o have set up systems so that our staff can work from home if required.
Safeguarding the health of our staff and clients is naturally paramount but, if there is anything we can do to help support your Company please let us know.
Stay well and good luck as we all continue to adapt to this evolving situation.
2019 KEY DATES
January 2019
01.01.2019 New Year’s Day – last chance to relax before going back to work
01.01.2019 PAYE Modernisation
02.01.2019 Relax, you are one of the few people actually back at work
08.01.2019 Earth Rotation Day – commemorating Leon Foucault who determined Earth rotated on its axis in 1851.
Keep spinning!
28.01.2019 Global International Data Protection Day – yes more GDPR!
January Make sure you have set up dates for all quarterly board meetings during 2019
February 2019
01.02.2019 CAO applications deadline
02.02.2019 Six Nations Rugby England V Ireland
March 2019
17.03.2019 St. Patricks Day – one day in the year when everyone is happy to be seen in public with green face paint
and Shamrock Hats!
21.03.2019 Local Property Tax deadline – if paying full amount in one go.
3.03.2019 Mother’s Day – do not give her flowers bought at the petrol station on the way home!
March Quarterly Board Meeting
April 2019
21.04.2019 Easter Day
22.04.2019 No groaning – you knew what you were doing when you eat all those chocolate Easter eggs
April Audit – make sure someone is actively managing the Audit which includes telling the Auditors!
May 2019
06.05.2019 Bank Holiday – May Day
09.05.2019 Europe Day
June 2019
03.06.2018 Bank Holiday
16.06.2018 Father’s Day
June Quarterly Board Meeting
July 2019
01.07.2019 International Kissing Day – why, what’s wrong with kissing every day?
02.07.2019 UFO Day – that’s more like it, bring it on ET!
August 2019
04.08.2019 Single Working Women’s International Day
05.08.2019 Bank Holiday
September 2019
30.09.2019 Annual Return Date for bulk of companies – panic or call us!
September Quarterly Board Meeting
October 2019
28.10.2019 Annual Return – deadline for electronic filing
28.10.2019 Bank Holiday
November 2019
11.11.2019 – 15.11.2019 Charity Trustee’s Week
23.11.19 Pay first payment of Corporation Tax
December 2019
24.12.2019 Santa Claus is coming – go to bed
25.12.2019 Make sure the oven is on, and the turkey is in!
December Quarterly Board Meeting
All companies are required to keep adequate accounting records but, what precisely does “adequate accounting records” mean?
Adequate accounting records are records which:
The type of information which must be contained within the accounting records should cover information such as outlined below.
Time is money so, handling all of the above personally may not be the most cost effective option for a company.
Consider:
– having a qualified book-keeper (part-time or full-time)
– retaining information in a simple format – does not have to be a costly bespoke piece of software.
