Irish businesses trying to navigate the current Brexit landscape should consider the impact of events on their contractual relationships. As Brexit will directly or indirectly affect most, if not all, transactions between Irish and UK businesses or Irish businesses doing business in the United Kingdom (including Northern Ireland), Irish suppliers must consider not only events which may directly affect them, but also their supply chain.
The larger a company, the greater the number of deaths that are likely to occur should its operational systems fail or safety policies prove inadequate. However, under current legislation it is extremely difficult to identify an individual director or board member with the required degree of control over a large corporate entity to charge with corporate manslaughter.
In response to a number of comments and submissions regarding the Guidance on Compliance Statements to be prepared by certain directors under the Companies (Auditing and Accounting) Act 2003, the director of corporate enforcement has issued a Revised Guidance which he hopes will be more accessible for directors, as it contains a number of helpful new features.
The Office of the Director of Corporate of Enforcement recently published a consultation paper and draft guidance on the new obligations of Irish company directors to prepare a compliance policy and annual compliance statement. While the guidance is welcome, a degree of doubt still remains in relation to the actual practicalities of the provisions.
A major new initiative has been launched to reform, restructure and update company law in Ireland. The government has approved the drafting of a single principal Companies Bill to replace the existing Companies Code.
Ireland's business community has long agreed on the need for a court which handles commercial cases in an efficient and businesslike manner. The establishment of the Commercial Court has now made the court system considerably more business friendly, resulting in savings to businesses as a result of its specialized approach to cases and its use of modern information technology.