Source: https://www.cro.ie/Post-Registration/Company/Mergers-and-Divisions
Timestamp: 2017-02-19 14:21:34
Document Index: 757853455

Matched Legal Cases: ['art 17', 'art 9', 'art 2', 'art 4', 'art 9', 'art 9', 'art 9', 'art 9', 'art 9', 'art 17', 'art 17', 'art 17', 'art 17', 'art 17']

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Under the Companies Act 2014, it is possible for a private limited company to be involved in a merger or division of companies. Under the previous Companies Acts, this was only available to public limited companies. PLC’s still have the option to merge or divide under Part 17 of the 2014 Act. Mergers None of the merging companies under Part 9 of the Companies Act 2014 can be a Public Limited Company and one of the companies must be an LTD company (private company limited by shares, registered under Part 2 of the Companies Act 2014) (See section 2 and 462 Companies Act 2014 for definition).
There are several means of achieving a merger. It can be done by means of the Summary Approval Procedure set out in Part 4 of the Act or by the means of merger available under Part 9. Acquisition can be separately employed under Chapter 1 of Part 9 of the Act. Under the Part 9 merger procedure, Form DM1 is submitted together with the Common Draft Terms. Court permission then required. Following the merger, the transferor companies are dissolved without entering liquidation. Merger can be by acquisition, absorption or formation of a new company and can be made under Part 9 of the Act. Merger by Acquisition is where a company, without going into liquidation, is dissolved and its assets and liabilities are transferred to a company in exchange for shares in the acquiring company with/without any cash payment. Merger by Absorption is where a company, without going into liquidation, is dissolved and its assets and liabilities are transferred to a company that is the holder of all of the shares representing the capital of the dissolving company. Merger by formation of a new company – one or more companies, without going into liquidation, is/are dissolved and the assets/liabilities are transferred to a company in exchange for shares in the new company with or without any cash payment. Procedure: Part 9 Merger 1. Common Draft Terms submitted to the CRO together with Form DM1 2. Form DM1 submitted for CRO Gazette notice 3. Advertisement placed in newspaper at least 30 days prior to meeting 4. Directors Report, Experts Report and Financial Statements supplied to members (except where merger by absorption or where 90% agreement) 30 days later ……. 5. Special resolution where required should be submitted. 6. Court order finalizing merger should be submitted.
--------------------------------------------------- Public Limited Companies can merge together or be divided under Part 17 of the Companies Act 2014. At least one of the companies participating in the Merger or Division under Part 17 must be a Public Limited Company. Merger can be by acquisition, absorption or formation of a new company and can be made under Part 17 of the Act. Merger by Acquisition is where a company, without going into liquidation, is dissolved and its assets and liabilities are transferred to a company in exchange for shares in the acquiring company with/without any cash payment. Merger by Absorption is where a company, without going into liquidation, is dissolved and its assets and liabilities are transferred to a company that is the holder of all of the shares representing the capital of the dissolving company. Merger by Formation of a new company – two or more companies, without going into liquidation, is/are dissolved and the assets/liabilities are transferred to a company in exchange for shares in the new company with or without any cash payment. Where the merger is being effected under Part 17, notice to the CRO Gazette is by means of the submission of the Form DM2. Where the Division is being effected under Part 17, notice to the CRO Gazette is by means of the submission of Form DV2. Submission of the court order confirming the merger or division will suffice with regards to the CRO Gazette requirement.