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CRO Newsletter issue 139

ENACTMENT of COMPANIES ACT 2014 

The Companies Act 2014 was enacted on 23rd December 2014. It will replace the Companies Acts 1963-2013 when commenced. The expected commencement date is June 1st 2015.

NOTHING WILL BE CHANGING BEFORE THEN.

The citation will remain Companies Acts 1963-2013 until commencement.

In the meantime the CRO is working to ensure that its website will be updated with content and helpful information regarding the changes in processes that the Act will effect. CRO will also:

- Continue to speak at various company law events hosted by various  professional groups who interact with CRO on behalf of companies.

- Continue to issue publications (CRO ezine / tweets)

- Send guidance information directly to every company on the register

- Advertise in the national newspapers regarding the key messages  (changeover date from old Forms to new Forms, and the requirements on  companies regarding Conversion and Name Change). 
 

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 is expected to be June 1st 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 C1's 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 June 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 Companies Act 2014 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 Companies Act 2014 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

Link to Revenue website: http://www.revenue.ie/en/online/ros/index.html

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