2014 Ezine Newsletter


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CRO Newsletter Issue 137

E-FILING OF C1 - NEW COMPANIES BILL - NEW PRIORITY SYSTEM

The Companies Act 2014 will introduce a new two-way procedure in which a charge can be registered. These processes replace the Companies Acts 1963-2013. The Commencement Date of the Companies Act 2014 has yet to be determined but is expected to be commenced in mid 2015.

Presenters: Prepare to secure the earliest possible priority for your Client's Mortgage

Are you ready for electronic filing of C1As/C1Bs? 
Are you aware that you can now file C1s electronically? 
Familiarity with electronic filing should be a priority for you as a Presenter of Mortgages,

Priority of charges, as and from the commencement of the New Companies Act in mid 2015 e-filing of charges will be linked to the date of receipt by CRO of the particulars of the charge. After commencement, the date of creation of the deed of charge will no longer determine its priority. Consideration is being given under the New Companies Act to the introduction of mandatory efiling of charges.

Currently CRO offers an efiling option for filing of a C1 (Particulars of a Charge created by a company incorporated in the State) using CORE. This simplifies the completion and presentation of the C1. Registration is completed following receipt of the paper signature page. Adoption of this efiling procedure now will ensure your familiarity with the process. This will be of great benefit to you in preparing for the new Priority regime.

To efile a CI go to WWW.CORE.IE.

NEW TWO STAGE PROCEDURE

The new Companies Bill will introduce a new two-stage procedure, whereby filing of Form C1A (notice of intention to create a charge), followed within 21 days by Form C1B (confirming the creation of the charge) will secure priority from date of filing of C1A. C1 form will still exist - the one-stage option remains available under the legislation - but in order to secure the earliest possible priority, the C1A and C1B are likely to become the preferred option. It is likely that efiling of these forms will be mandated under the legislation. The option of signing with a ROS certificate will be made available

The quickest way to sign C1A/B/C1 is using ROS certificate – filing is then completed immediately and priority date secured.

If a signature page is used, the priority date will be the date of receipt of the manually filed signature page.

Full efiling of these forms, by using ROS certificate to sign electronically, will secure earliest priority date. The more familiar you are with online filing the better equipped and prepared you will be to fully take advantage of any new efiling system.

What you should do

There are two things you should do at this stage:

1. Make use of the current efiling facility at WWW.CORE.IE

2. Obtain a ROS certificate from Revenue 
 
 
CHRISTMAS 2014 DEADLINES - NEW COMPANIES

FOR INCORPORATIONS, CHANGE OF NAME RE-REGISTRATIONS
AND COMPANY NAME RESERVATIONS

The CRO cannot guarantee that submissions received after the dates set out below will be processed before the Christmas break.

ORDINARY SCHEME     3 DECEMBER 2014  
Fé PHRAINN SCHEME 10 DECEMBER 2014
A1 ON LINE SCHEME 15 DECEMBER 2014
CHANGE OF NAME 10 DECEMBER 2014
REREGISTRATIONS 10 DECEMBER 2014
COMPANY NAME 17 DECEMBER 2014


Cancellation of Industrial and Provident Societies

All Industrial and Provident Societies (I & P societies) are obliged to file annual returns, including audited accounts, with the Registry of Friendly Societies each year. A cancellation process will commence in December in respect
of any I & P societies who have defaulted on this obligation in respect of the years 2012 and 2013. All such societies should endeavour to bring their filings up to date in order to avoid cancellation. Please note restoration may only be
done by application to the Dublin District Court, there is no administrative process available to I & P societies. 
 
ANNUAL RETURNS FILED IN 2014 FOR 2015 - REMINDER

The Companies Acts state that a company must file an annual return at least once in each calendar year. A company with a 2015 ARD date must file an annual return with an effective date made up to, at minimum, 1st January 2015 in order to meet this requirement and move their next ARD on to 2016. 
 
New Bill area on website

The Companies Act 1963-2013 will shortly be replaced by a new Companies Act. The legislation is currently passing through the Oireachtas. It is expected to be enacted before the end of 2014 and commenced in mid-2015.

On foot of this CRO has added an area to the website, this tab being called Companies Bill. Liquidations, receiverships and examinerships information has now been added to this tab. There is also a Frequently Asked Questions area which Companies should use to prepare for the new changes.

'e-DAY' - CRO'S ELECTRONIC PAYMENT OPTIONS

In accordance with Government policy, the CRO is planning to phase out accepting cheques and other paper forms of payment as soon as possible and has provided the following electronic payment options
to customers:

  • if filing documents on-line or at the Public Counter in Parnell House you can pay filing fees by credit/debit card,
  •  if filing paper documents you can pay fees using a Customer Account which can be topped up on-line by credit/debit card.

CRO requests all customers who currently make payments to the CRO by cheque to begin the process of moving away from cheques and other paper forms of payment by:

  •  making whatever changes in procedures are necessary within your firm/company to allow you to discontinue using cheques and other paper forms of payment as soon as possible.

If paying by cheque, postal order or bank draft, please make the fee payable to the Companies Registration Office. Cheques or bankdrafts must be drawn on a bank within the Republic of Ireland clearing system.

FULLY ELECTRONIC FILING OF ACCOUNTS NOW AVAILABLE - REMINDER

The Companies Act 2013 commenced in March 2014 and removed the requirement for accounts documents filed with the CRO to include the handwritten signatures of Directors and Auditors etc. Instead the signatures now only need to appear
in TYPED form on each document.

Where accounts with typed names only are delivered to the Registrar, the Act requires them to be certified by a Director and Secretary of the company, in either electronic or written form, stating that each of the accounts documents annexed to the annual return is a true copy of the original.

If filing on-line, this certification can now be done on the e-B1 form. For more information, including information on account types which may be annexed to an annual return, go to File Accounts electronically.

DELIVERING DOCUMENTS TO CRO DURING THE PEAK

If posting an annual return to the CRO it should be sent to CRO, O’Brien Road, Carlow. The office in Carlow is for receipt of postal lodgements only and is not a public office.

Alternatively, presenters can hand deliver to the CRO's Public Office in Parnell Square where you will be provided with a
receipt for your documents.

The Public Office is open from 9.30am to 4.30pm. Personal callers are reminded that the queues can be shorter in the Public Office in the morning time and should consider lodging their documents
as early as possible to ensure they can be checked and receipts issued on the day.

Customer Account holders should ensure that there is enough money in their account to cover the transaction before submitting their documents. Customer Accounts can be topped up on line using a credit or debit card - see Customer Account. 

For information on:

*** Checking the status of annual returns filed during peak *** and  *** Annual returns lost or delayed in the post *** please see website link to October issue.

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