Responsibilities

The following section provides an overview of the primary responsibilities of shareholders under the Companies Acts, under secondary legislation and related case law. For further details, please see the ODCE Information Book "The Principal Duties and Powers of Members and Shareholders"downloadable under the "Related Links" section at the end of this page.

Duties of Members and Shareholders

The principal duty of a member who is a shareholder in a limited liability company with share capital is to pay the company any outstanding amount of the purchase price agreed for the shares allotted to him or her. This sum becomes payable either where the company makes a call for funds or, in circumstances where the terms of issue of the shares provide for the payment of instalments, on the payment date. Shareholders in a company with unlimited liability are liable without limit for the debts of the company where it is insolvent i.e. unable to pay its debts. 

Readers should refer to Information Book 1 dealing with Companies for further information on limited and unlimited liability and share capital.

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Court Rulings

The Director of Public Prosecutions v Mary Donnelly


Woman pleads guilty to Fraudulent Trading

Acting on the directions of the Director of Public Prosecutions, Gardai from the ODCE this morning arrested a woman and charged her with one count of fraudulent trading contrary to section 297 of the Companies Act 1963 (as amended). The woman was brought before Limerick District Court, where, following evidence of arrest, charge and caution she entered a plea of guilty and was sent forward for sentencing to the next sitting of Limerick Circuit Criminal Court.

Full details of the charge are set out below:

"That you Mary Donnelly, between the 1st day of January 2013 and the 25th day of October 2013, both days inclusive, within the County of Limerick, were knowingly a party to the carrying on of the business of a company Shannonside Audio/Video Limited for a fraudulent purpose namely the dishonest solicitation of payments from Close Invoice Finance Limited trading as Close Brothers Commercial Finance by furnishing false or misleading invoices: Contrary to Section 297 of the Companies Act, 1963 as substituted by Section 137 of the Companies Act, 1990."

What's New

Disclosure - Non Financial Information

Large -  companies, groups and undertakings are required to ​​​​​disclose and publish their policies on non-financial matters each financial year.

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