Pearse Trust Blog

An Extraordinary General Meeting (EGM) is any meeting of the Company other than an Annual General Meeting (AGM). The Directors of the Company may convene an EGM when appropriate or when they require prior approval from its members before taking a certain action.

Companies incorporated under the Companies Acts 1963-2009 must meet certain disclosure and publication requirements in relation to the place in which business is carried on, letterheads and websites.

The Bank Secrecy Act was passed into law in the United States in 1970 in an attempt to combat money laundering in the US As a result of this Act, foreign financial accounts including bank accounts, brokerage accounts, mutual funds, unit trust and other financial accounts came under scrutiny as the United States Government became wary of United States persons utilising these accounts outside the US in an attempt to evade more stringent US laws. The Internal Revenue Service (IRS) began to enforce the disclosure of such foreign financial accounts by means of the Report of Foreign Bank and Financial Accounts (FBAR).

Regulation of Board Meetings

The broad principles of Irish and UK legislation are very similar in terms of the proceedings of directors. 

The Facts

Lehman Brothers International (Europe) (LBIE), the principal European trading company in the Lehman Brothers group, regulated by the Financial Services Authority (FSA), was placed in administration in 2008, following the bankruptcy of Lehman Brothers Holdings Inc. The administrators sought the assistance of the UK Supreme Court to interpret the FSA’s Client's Assets Sourcebook Chapter 7 (CASS7) and the treatment of funds that had been paid to LBIE before it entered administration.

According to the Revenue Commissioners’ website, Ireland has signed tax treaties with 66 countries.  Of these treaties 59 are in effect; a full list of Ireland’s tax treaties is available here.

Liquidations are dealt with briefly in our blog post Ireland: Liquidation, Receivership and Examinership, Simply Explained. Another common form of dissolution is the Voluntary Strike Off. The requirements, methods of dissolution and consequences arising from these forms of dissolution differ significantly.

This is a guest post written by John O’Connor, Solicitor and Notary Public in Ballsbridge, Dublin 4.

In the recent UK Budget, Chancellor George Osborne announced the decision to accelerate the reduction in the main UK Corporation Tax rate from 26% to 24%, with effect from April 2012.

Irish tax law allows shares in a family company to pass from one generation to another in a very tax efficient manner. The shares in a family company may be passed either during the lifetime of the donor or on the death of the donor.