Ones to Watch
The Multi-Unit Developments Bill 2009
The long awaited Multi - Unit Developments Bill 2009 (the “Bill”) has just been published amid a lot of media attention. The Bill follows on from the recommendations of the Law Reform Commission in its report on Multi-Unit Developments i.e apartment blocks and mixed residential and commercial developments with management companies. The Bill seeks to introduce a much-needed statutory framework to address the problems faced by Multi –Unit Developments.
In particular the Bill contains provisions dealing with the transfer of common areas to a property management company as well as a requirement for more effective internal governance of the company and the management of the common areas by the company.
The Bill also introduces a court based dispute resolution mechanism for developments of this nature.
Pease keep an eye on our website and future newsletters for further updates.
The Companies (Amendment) Bill 2009
Changes to Company Law are imminent with the Companies (Amendment) Bill 2009 (“the Bill”) expected to become law in the coming months. It is important that all company directors are aware of these changes.
The Bill proposes increased duties for directors of companies and increases the powers of the Office of the Director of Corporate Enforcement in terms of accessing company books and gathering information on relations between a company and its directors.
The Bill decreases the standard of proof required to find a director guilty of certain offences so directors will need to be even more careful to ensure that they act within the law at all times.
The Bill also seeks to abolish the requirement that an Irish registered company have an Irish resident director and replaces it with the requirement that a company must instead have a director resident in the EU.
Please keep an eye on our future newsletters for further information.