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 Corporate Enforcement Authority at www.cea.gov.ie.
The information available here is an extract from the Registers of Disqualified and Restricted Persons, which are updated regularly. Occasional inaccuracies may occur which we correct as soon as they are drawn to our attention. If you spot something you think might be wrong, please let us know so we can, if necessary, correct the database.
A shadow director is a person who while not being listed or formally appointed as a director of a company actually acts in that capacity and is accepted as acting in that capacity by others.A disqualification/restriction order applying to the role of director automatically applies to that of a shadow director.
Restriction and Disqualification
Directors of a company can be restricted or disqualified from acting as an officer to a company by the High Court or a director may undertake to accept disqualification or restriction by the Corporate Enforcement Authority (CEA) without the necessity to go to the High Court.
The restriction requirement under the Companies Act 2014 requires that in order for a restricted director to act in relation to a company, the allotted share capital of nominal value must be not less than €500,000 in the case of a public limited company (other than an investment company) or a public unlimited company or €100,000 in the case of any other company type. Each share shall be paid up (in cash) to an aggregate amount not less than the figures stated above including the whole of any premium on that share.
In relation to companies limited by guarantee, contribution to the company by a member(s) is not less than €100,000. The member must be an individual rather than a body corporate. In relation to an investment company, the value of the issued share capital must be at least €100,000. At least €100,000 in cash must be paid in consideration for the allotment of shares in the company.
Restriction lasts for 5 years. There can be different periods set for disqualification but the normal period of disqualification would be 5 years also.
Restriction can be made in relation to an insolvent company unless the Court is satisfied that the person acted responsibly and honestly in relation to the conduct of the affairs of the company or has co-operated with the liquidator in relation to the conduct of the winding up of the company or if it is just and equitable in the eyes of the court that the restriction is not made.
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