How can I officially quit as a company director if I’m still listed as a director of a company in Ireland in which I no longer have any involvement?
Being a director of a corporation entails a lot of legal responsibilities, thus it’s a crucial question. We occasionally receive clients who ask us this question. Regardless of any director removal clauses in the company’s charter, the process outlined in section 146 of the Companies Act 2014 may always be used to remove a director from office (the 2014 Act).
A director of an Irish business who desires to leave the board must tell the company in writing of his or her decision to do so by sending a director resignation letter. A sentence indicating that the director has no past or present claims against the company may occasionally be included in this letter, which was likely prepared with the assistance of the company’s accounting firm.
Following receipt of the resignation letter, the firm has 14 days to file the necessary documents with the Companies Registration Office (CRO). A minimum of two directors must be present at all times for all companies. It is not commonplace for a company’s constitution to provide that a person may resign from their position as a company director by giving the company written notice of his or her intent to do so.
When this document to change the resigning Director is signed and submitted back to the CRO by any of the existing directors of the company, the change will initiate. If any new Director(s) are to be added to the company, it can be done along with the process. To add a new director to the company, the passport, PPSN, and utility bill of the new Director have to be submitted along with the submission.
Your accounting firm in Ireland will also draft a stock transfer form and minutes, which they will then email to the applicable retiring Director. The so-called documents must be signed by them and returned. The stock sharing and receiving parties must both sign the stock transfer form. Both the accounting firm and the company must maintain copies of these records in their archives.
The transformation typically takes 3 to 4 weeks to complete.
Speak to our accountant for a thorough consultation if you have any specific questions about the Director Resignation process under Ireland Company laws. TALK TO OUR ACCOUNTING EXPERTS RIGHT NOW | Call us at (087) 225 7706, 01 441 6919, or email us at Info@tascaccountants.com for any assistance.