CSS Spring/Summer 2011 E-zine

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Welcome to the first edition of Mazars Corporate Secretarial Services’ quarterly E-zine. In this edition we update you on recent changes affecting company secretarial practice and give particular focus to the Multi-Unit Developments Act 2011. We also include some news items from an international perspective which may be of interest to clients with foreign subsidiaries or who may be in the process of establishing same.

Multi-Unit Developments Act 2011
The Multi-Unit Developments Act 2011 is in force since 1 April 2011 and was introduced in order to give greater legal protection, primarily to apartment owners, in the context of their relationship with the developers of their complexes and the management companies established to run the developments.

Changes to the Annual Return (Form B1)
From 1 April 2011 a new format B1 is in place. For returns being filed electronically through CORE, this new form must be used from 1 April 2011.
Changes to the voluntary strike-off procedure
As a result of a note recently issued by the CRO, companies seeking voluntary strike-off must not have assets or liabilities exceeding €150 and must not have (or have had in the previous 3 years) an issued share capital in excess of €150.

Changes to company letterhead provisions
The Department of Enterprise, Trade and Innovation recently announced that companies are no longer required to change their letterhead every time there is a change of directors.

Mandatory e-stamping of stock transfer forms through ROS
From 1st June 2011 all stamp duty returns and payments will have to be filed through the Revenue’s online system, ROS.

Irish Stock Exchange issues consultation on changes to listing regime
The Irish Stock Exchange (“ISE”) issued proposals on 18th April 2011 to revise the regime for companies listed on the Main Securities Market.

European Commission proposal for cooperation between European business registersThe European Commission has advanced a proposal to achieve standardisation and cooperation between European business registers, including the Irish Companies Registration Office.

UK Companies’ House – fully electronic by 2013Companies’ House, the UK’s registry of companies, has announced that it intends for all UK incorporations, annual returns, accounts and other filings to be filed electronically by March 2013.

Reporting regulator suggests ways to cut clutter in annual reportsThe reporting regulator in the UK has published a guide to reducing clutter in companies’ annual reports.