Restricted/Disqualified Persons

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Restriction: The court shall, unless it is satisfied as to any of the matters specified in Section 819(2) Companies Act 2014, declare that a person to whom this Chapter applies shall not, for a period of five years, be appointed or act in any way, whether directly or indirectly, as a director or secretary or be concerned or take part in the promotion or formation of any company unless it meets the requirements set out below:

The requirements specified in subsection (1) are that-

  • ( a ) the nominal value of the allotted share capital of the company shall-

(i) in the case of a public limited company, be at least €500,000

(ii) in the case of any other company, be at least €100,000

  • ( b ) each allotted share to an aggregate amount not less than the amount referred to in subparagraph (i) or (ii) of paragraph (a), as the case may be, shall be fully paid up, including the whole of any premium thereon, and
  • [ c ) each such allotted share and the whole of any premium thereon shall be paid for in cash.

Under section 819(4) In the application of subsection (3) to a company limited by guarantee, paragraphs (a) to (c) of it shall be disregarded and, instead, that subsection shall be read as if it set out both of the following requirements:
(a) that the company’s memorandum of association specifies that the amount of the contribution on the part of the member of it, or at least one member of it, being the contribution undertaken to be made by the member as mentioned in section 1176(2)(d), is not less than €100,000;
(b) that the member whose foregoing contribution is to be not less than that amount is an individual, as distinct from a body corporate.

Under section 819(5) In the application of subsection (3) to an investment company, paragraphs (a) to (c) of it shall be disregarded and, instead, that subsection shall be read as if it set out both of the following requirements—
(a) that the value of the issued share capital of the company is not less than €100,000,
(b) that an amount of not less than €100,000 in cash has been paid in consideration for the allotment of shares in the company.

Disqualification

Where a person is convicted on indictment of any indictable offence in relation to a company, or involving fraud or dishonesty, then during the period of five years from the date of conviction or such other period as the court, on the application of the prosecutor and having regard to all the circumstances of the case, may order-

  • ( a ) he shall not be appointed or act as an auditor, director or other officer, receiver, liquidator or examiner or be in any way, whether directly or indirectly, concerned or take part in the promotion, formation or management of any company or any society registered under the Industrial and Provident Societies Acts, 1893 to 2014;
  • ( b ) he shall be deemed, for the purposes of this Act, to be subject to a disqualification order for that period.

See Chapters 4 and 5 of Part 14 Companies Act 2014.

NOTES FOR USERS

The information available is an extract from the Registers of Disqualified and Restricted Persons, which are updated regularly. If you are aware of any person who continues to operate as a company director or other officer or shadow director despite being disqualified or who is acting in a capacity in breach of a restriction order you may forward this information to the Office of the Director of Corporate Enforcement at www.odce.ieLinks to external website.