Under the Companies Act 2014 there are a number of conversion options for Existing Private Companies.
These options can be summarised as follows:-
- Opt in to Simplified Model Private Co – LTD Regime
- Member driven
- Director driven
- Take no action
- Opt out of Simplified Model Private Co – DAC Regime
- Member driven
- Creditor driven
Accountants and advisors to Irish Company directors need to position themselves to be ready assist the transition of all of our EPC’s.
Some of the choices and decisions for companies include:
- Do companies opt in to the LTD Regime?
- Do they opt in to the DAC Regime?
- Do they change their company type under Part 20 into a different company type?
The majority of SME trading companies will convert to LTD, but once companies have decided what they want and the type of entity they want to become, their accountants or advisors will need to facilitate the change. Obviously all of this comes at a price. From the client’s perspective they need to choose to do something, as there is the “Do Nothing Option” that is “free” in the short term. We believe that the conversion process creates further options for accountants and advisors:-
- Do you want to do the conversion yourself?
- You can outsource the entire conversion process to a third party provider like OmniPro.
- Would you prefer to do the conversion yourself with the assistance and training of OmniPro as required in the background?
What Can OmniPro do for you?
- We have a dedicated resource for professionals and directors to assist with the practical implementation of the Companies Act 2014 and can provide you with the tools, templates, minutes and resolutions and checklists to do the conversion yourself.
- We can take the entire conversion process off your desk and we can facilitate your clients undertake either:
- A S.59 members driven conversion
- A S.60 directors driven conversion
- A DAC Conversion
- Through a combination of resources, tools and training support we can help you transition the majority of your straightforward conversions and we can deal with the more complicated stuff for you.
This article has been written for information and educational purposes only and does not constitute a substitute for taking legal advice. When making decisions or advising third parties, legal advice should be obtained in all cases. This is an interpretation of the legislation of which many aspects have not been practically applied. This interpretation may differ from the interpretation of others. OmniPro and the author shall therefore not be liable for any damage or economic loss occasioned to any person acting on, or refraining from any action, as a result of or based on the material contained in this article.