Under the Companies Act 2014 there are a number of conversion options for Existing Private Companies.

These options can be summarised as follows:

1. Opt in to Simplified Model Private Co – LTD Regime
   • Member driven
   • Director driven
   • Take no action
2. 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 to 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.

Should you have any questions in relation to this article or should you have any Company Law or Company Secretarial queries please contact John Murphy on 053 910 0000, [email protected].

John Murphy,
OmniPro,
Aldercourt,
Ferns,
Enniscorthy,
Co. Wexford.

053 910 0000
[email protected]