8/12/2019 Summer Series 8: Up Close and Personal With an Accountant Meet Mary Flanagan

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Name

Mary Flanagan

Position

Director of Business Advisory Services, Cooney Carey

Consulting.

Area of expertise?

Business advisory and corporate compliance services.

How do you like to spend your time

outside of work?

Spending time and socialising with family & friends,

walking and hiking, listening to music.

Whats your favourite food?

Like most food generally but particularly like

Italian/Mediterranean style cuisine.

Whats your favourite restaurant?

Dont really have one favourite is to try loads of

different ones. (But if had to would say Diep Le

Shaker for Asian food, Hugos for variety and The

Lobster Pot for fish).

Where is your favourite holiday destination?

Have enjoyed a number of holidays travelling around

sightseeing in various parts of Spain and Italy.

Recommend a movie/TV series?

Enjoy watching dramas such as The Good Wife,

Elementary and Silent Witness and also various

current affairs documentaries.

Ok serious question, should directors be worried

about the new Companies Bill, will there be many

changes?

The Companies Bill 2012 will be the largest piece of

legislation in the history of the state when it is

enacted later this year. This Act will repeal andconsolidate all existing Companies Acts. It is expected

that the legislation will commence in early/mid 2015

with a transition phase of 18 months initially

indicated. There will be significant changes in the

operation of company law and directors will need to

be aware of and plan for the implications of these

changes for their own companies

Photo Caption

Crossing the Carrick-a-Rede bridge in

Co. Antrim

8/12/2019 Summer Series 8: Up Close and Personal With an Accountant Meet Mary Flanagan

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For example, there will be a new model private

company type known as Company Limited by Shares

CLS. These companies will have a single document

constitution without the need for an objects clause.

They will also be permitted to have a single director

but must still have a separate company secretary.

Other company types will include Designated Activity

Companies DACs, PLCs, guarantee companies,

unlimited companies etc but the features of a CLS will

not necessarily be replicated in those other company

types.

On enactment of the Bill, all private companies will be

treated as DACs for the duration of the initial 18

month transition phase but thereafter they will

automatically be deemed to be CLSs unless they have

elected to become DACs. It would be essential to

note that this automatic conversion to a CLS may not

suit certain companies such as for example, those

with multiple shareholders each with different class

rights outlined in their memorandum and articles of

association. It would therefore be recommended thatall companies review their own particular

circumstances and should manage their transition to

the new company types in good time to best suit their

future requirements.

Separately, another important change the Act will

introduce will be the codification of directors existing

common law duties. Offences under company law

will now be graded into four categories, with

Category 1 being the most serious and carrying a

maximum fine of 500,000 or a maximum term of

imprisonment of 10 years. Category 4 offences will

be the least serious and will carry a penalty or a fine.