The Act provides for a four-fold categorisation of offences into Categories 1 to 4. Throughout the Act, offences are, as created, categorised as attracting a particular category of penalty.
In Section 871, Chapter 7 of Part 14, those penalties are set out:
A “Class A fine” is a fine within the meaning of the Fines Act 2010 (i.e. a fine not exceeding €5,000).
Restrictions and Disqualifications of company officers were previously set out sections 150 and 160 of the Companies Act 1990. Under the new Act, company officers can still be restricted or disqualified but there are new means of both being applied.
Section 819 Restriction
The restriction amounts have been changed in the new Act. The company must now have an allotted share capital of nominal value not less than
Each allotted share shall be paid up to an aggregate amount not less than the amount referred to above including the whole of any premium on that share and each allotted share and the whole of any premium on each allotted share shall be paid for in cash.
Section 839 Disqualification
A person is automatically disqualified for 5 years if that person is convicted on indictment of any offence under the Companies Act 2014 or any offence involving fraud or dishonesty.
Chapter 5 of Part 14 Companies Act 2014
This chapter relates to Disqualification and restriction undertakings and is a new part of the legislation. This allows the Office of the Director of Corporate Enforcement (ODCE) to send a notice (acceptance document) to the company officer in question requesting that they take the restriction/disqualification
as an undertaking without the need for the court to be involved. Where the acceptance notice is signed and returned to the ODCE within the notice period, no further application will be made to the High Court.
Copyright 2016 Public Office Address: Companies Registration Office, Parnell House, 14 Parnell Square, Dublin 1, Eircode: D01 E6W8. DX Number: 145001. Phone: +(353 1) 8045200
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