In accordance with the 4th EU Anti-Money Laundering Directive (4AMLD), relevant entities (a corporate or other legal entity incorporated in the state and includes a company and other body corporate so incorporated) are required to obtain and hold adequate, accurate and current data with respect to their beneficial owners.
On the 29 July 2019, the Register of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO) site was launched and all relevant entities must now submit their beneficial ownership information through an online portal at www.rbo.gov.ie. This is the only method by which the information can be submitted; it is not possible to do so on paper, email or otherwise. Existing companies have until the 22nd November 2019 in which to submit information on their beneficial owners, and newly incorporated companies must do so within five months of incorporation.
A relevant entity that:
- fails to obtain and hold information on its beneficial owners;
- fails to maintain its RBO; and
- fails to include information on its beneficial owners in its RBO
commits an offence and is liable for a €5,000 fine on summary conviction and may also be liable to a fine not exceeding €500,000 if convicted on indictment.
If you require any assistance in complying with the obligations as set out, then please do not hesitate to contact us by calling 021-481 0080 or email email@example.com
We don’t often comment on legal cases but there is a judgement due to be given by the Supreme Court next week which could have long lasting consequences for various groups as well as litigation into the future. You should keep an eye out for the judgement when it is issued.
The case is ACC Loan Management DAC V Rickard & Ors and is a long running case. Briefly, the back ground to the case is that ACC got a judgement against borrowers and in 2011 succeeded in getting a receiver by equitable execution appointed over Single Farm Payments. Following changes in the farm support payments structure, the appointment of the receiver was challenged. ACC succeeded in the High Court and again in the Court of Appeal.
The Supreme Court will now give its decision on the continued appointment of a receiver by equitable execution over Basic Farm Payments. The main question in this case will be whether or not the Basic Farm Payments are future income payments. If these payments are deemed to be future income the existing case law says that a receiver cannot be appointed over income.
There should be answers to other technical questions about the Courts’ power to appoint a receiver over equitable or legal interests.
For details on the sitting see below link: http://www.courts.ie/legaldiary.nsf/a0b54bb3745b386280256c4b0024092b/f45f0a8ca76354b9802583ed004ac144?OpenDocument
Click the below link to read the firm’s Tomás O’Connor contributing to Alan O’Neill’s piece in the Sunday Independent yesterday on one of his specialty subjects:
Our Director of Restructuring Services, Barry Donohue will be discussing and presenting a seminar on enforcement powers together with Cork County Sherriff, Sinead McNamara on the 1 May 2019 in UCC’s recently renovated Cork University Business School (CUBS) historic building in the heart of Cork’s Business District at 1, Lapps Quay, Cork.
Barry has over 30 years’ experience working with financial institutions, regulatory bodies, creditors and Revenue authorities on enforcement and restructuring assignments. He is currently trustee in bankruptcy over a number of Irish-based bankruptcies.
The Employment (Miscellaneous Provisions) Act 2018 came into force on the 4 March 2019. The primary purpose of the Act is to limit the use of zero hour contracts and provide better protection to employees on casual contracts. You can check out the key changes on the DEASP website by clicking the link below: