Companies Act 2014

PART 14

COMPLIANCE AND ENFORCEMENT

Annotations:

Amendments:

F233

Substituted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 98(i), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F234

Deleted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 94(a), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F235

Substituted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 94(b), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F236

Inserted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 94(c), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F237

Inserted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 95, S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F238

Substituted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 68(a), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F239

Inserted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 68(b), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F240

Substituted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 14(a), S.I. No. 366 of 2018.

F241

Inserted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 14(b), S.I. No. 366 of 2018.

F242

Deleted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 15(a)(i), S.I. No. 366 of 2018.

F243

Substituted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 15(a)(ii), S.I. No. 366 of 2018.

F244

Inserted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 15(a)(iii), (b), S.I. No. 366 of 2018.

Modifications (not altering text):

C57

Chapter and other provisions applied with modifications (12.03.2015) by Irish Collective Asset-management Vehicles Act 2015 (2/2015), s. 87, S.I. No. 85 of 2015; this chapter commenced (1.06.2015) by Companies Act 2014 (Commencement) Order 2015 (S.I. No. 169 of 2015).

Disqualification of directors etc.

87. (1) The provisions of Chapter 4 of Part 14 of the Companies Act 2014 , and the other provisions of that Act relating to the disqualification of a person from being appointed or acting as a director or other officer, statutory auditor, receiver or liquidator, or being in any way (whether directly or indirectly) concerned or taking part in the promotion, formation or management of a company, have effect in accordance with subsection (2).

(2) Those provisions have effect as if—

(a) in the definition of “company” in section 837 after “Act” there were inserted “(including an Irish Collective Asset-management Vehicle)”,

(b) in the definition of “relevant requirement” in that section the reference to that Act included this Act and the reference to the Registrar included the Bank,

(c) the references to a company within the meaning of section 819(6) in sections 838, 848, 849 and 851 included an ICAV,

(d) the reference to that Act in section 839(1) (a) included this Act,

(e) in section 840—

(i) the references to section 149(8) included section 65 (6) of this Act,

(ii) the references to section 150(1) included section 66 (1) of this Act,

(iii) the reference to section 150(3) included section 66 (3) of this Act, and

(iv) the references to the Registrar included the Bank,

(f) in section 841—

(i) the references to section 23 included section 11 (3)(a)(ii) of this Act,

(i) the references to section 150(2) included section 66 (2) of this Act, and

(ii) the reference to section 149(8) included section 65 (6) of this Act,

(g) in section 842—

(i) the reference to section 286 included section 114 of this Act,

(ii) the reference to section 727 included section 157 of this Act,

(iii) the reference to Chapter 1 of Part 12 included Chapter 1 of Part 11 of this Act, and

(iv) the reference to section 733 included section 163 of this Act,

(h) in section 844(3) the reference to the Registrar included the Bank,

(i) in section 846 the reference to the Director of Corporate Enforcement included the Bank,

(j) in section 851(3) the references to the Registrar included the Bank,

(k) the references in sections 855(1), 858, 859 and 862 to a company included an ICAV,

(l) in section 863(2), in the case of an offence in relation to an ICAV—

(i) the reference to the Registrar were a reference to the Bank, and

(ii) the reference to prescribed particulars being given at such time and in such form and manner as may be prescribed were to particulars specified by the Bank being given at such time and in such form and manner as may be so specified,

and

(m) in section 864 the references to the Registrar included the Bank.

CHAPTER 1

Compliance and protective orders

797.

Court may order compliance by company or officer

797. (1) This section applies if a company or an officer of a company—

(a) has failed to comply with a provision of this Act, and

(b) the company or officer has failed to remedy the default within 14 days (or such longer period as may be specified in the notice) after the date of service by any person referred to in subsection (3) on the company or officer of a notice requiring the company or officer to remedy the default.

(2) In any case to which this section applies, the court, on the application of a person specified in subsection (3), may order the company or officer in default to remedy the default within such time as the court specifies.

(3) The court may make the order only on the application of one of the following:

(a) any member of the company;

(b) any creditor of the company;

(c) the Director; or

(d) the Registrar.

(4) In making an order under subsection (2), the court may order that the company or the officers responsible for the default pay all costs of and incidental to the application.

(5) Subject to subsection (6), no order may be made under this section in relation to a default that, in the opinion of the court, constitutes a wrong done to the company an action in respect of which, under the general law, is maintainable by the company alone, as distinct from another by derivative proceedings.

(6) Subsection (5) does not apply if the facts constituting the default in question amount, in the opinion of the court, to the commission of an offence.

(7) Nothing in this section shall be taken to prejudice the operation of any enactment imposing penalties (including restriction under Chapter 3 of this Part and disqualification under Chapter 4 of this Part) on a company or its officers in respect of the default in question.

(8) In this section, “officer” means director, shadow director, promoter, receiver, liquidator, statutory auditor or secretary.