LAW3001S Company Law Assignment Sample Ireland

According to the Companies Act 2014, a company is defined as “a body corporate or unincorporated association”, and there are four main types of companies in Ireland: public limited companies, private limited companies, unlimited companies, and investment companies. The most common type of company in Ireland is the private limited company. 

A private limited company must have at least one shareholder and one director and can have a maximum of 149 shareholders. The shares in a private limited company cannot be offered to the public. A private limited company must also have a registered office in Ireland and a company seal. 

The advantages of setting up a private limited company include the fact that it is easy to set up and maintain, it has limited liability for its shareholders, and it is tax-efficient. The main disadvantage of a private limited company is that it cannot raise money from the public.

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In this unit, there are many types of assignments given to students like individual assignments, group-based assignments, reports, case studies, final year projects, skills demonstrations, learner records, and other solutions given by us. We also provide Group Project Presentations for Irish students.

In this section, we are describing some activities. These are:

Assignment Activity 1: Describe the key rules and principles of company and insolvency law.

Several key principles guide company and insolvency law. These include the following: 

• The principle of limited liability protects a company’s shareholders from being held personally liable for the debts of the company; 
• The principle of corporate personality, which recognizes that a company is a distinct legal entity from its shareholders; 
• The principle of separateness means that a company’s assets are separate from those of its shareholders; and 
• The principle of creditors’ rights, gives creditors certain legal protections if a company becomes insolvent.

Assignment Activity 2: Identify the principal duties of directors and other officers.

The directors and other officers of a company have several key duties, which include:

Duty of care – this means that they must act honestly and in good faith with a view to the best interests of the company, and exercise reasonable care, skill, and diligence in their decision making.

Duty to avoid conflicts of interest – they must not put themselves in a position where they might have a conflict of interest between their interests and those of the company.

Duty to disclose potential conflicts – if there is any situation where they could have a conflict of interest (even if it has not yet arisen), they must disclose this information to the board and shareholders.

Duty to act within powers – directors and officers must only exercise the powers that have been granted to them by the company’s constitution or by law.

Duty to comply with the law – they must comply with all applicable laws and regulations about the company.

Assignment Activity 3: Apply company law to a range of practical scenarios.

Scenario 1: You are the owner of a small business. One of your employees has been caught stealing from the company. What should you do?

As the owner of a small business, you have a few options when it comes to dealing with an employee who has been caught stealing from the company. You can choose to fire the employee, suspend them, or give them a warning. If you decide to fire the employee, you must do so in compliance with your state’s laws regarding at-will employment. If you decide to suspend or give them a warning, you should still comply with your state’s laws regarding progressive discipline.

Scenario 2: You are considering hiring an employee who has been convicted of embezzlement. Can you do this?

As long as the employee is honest and upfront about their conviction, you are generally allowed to hire them. However, you should check with your state’s laws to see if there are any restrictions on hiring employees with a conviction for embezzlement.

Scenario 3: You are the owner of a small business. One of your suppliers has gone bankrupt and is not able to fulfill its obligations to you. What can you do?

As the owner of a small business, you may be able to claim damages from the supplier’s bankruptcy estate. You should speak to an attorney to find out more about your rights and how to proceed with this claim.

Scenario 4: You are the owner of a large corporation. One of your subsidiaries has gone bankrupt. What can you do?

As the owner of a large corporation, you may be able to claim damages from the subsidiary’s bankruptcy estate. You should speak to an attorney to find out more about your rights and how to proceed with this claim.

Assignment Activity 4: Critically assess current developments in company law.

There have been several significant developments in company law in recent years. In particular, there have been amendments to the Corporations Act 2001 (Cth) which have aimed to simplify and clarify the law for company directors and shareholders.

One of the most significant changes has been the introduction of a new “three strikes” rule which introduces tougher penalties for companies that engage in misconduct. This rule was introduced in response to concerns that previous penalties were not deterrent enough.

Another important change has been the introduction of a new statutory concept of “economic justice”, which is designed to ensure that creditors are treated fairly in corporate insolvencies. This change is intended to address perceptions that creditors have not always received fair treatment in such cases.

These are just a few of the many changes that have been made to company law in recent years. Directors and shareholders need to keep up to date with these developments so that they can understand their rights and responsibilities under the law.

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