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 and
consolidate 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


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 that
all 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.