With regards to the new Companies Act which came into force on the 1st of May 2011, there is a lot of heated debat and different views on the compliance with the Companies Act regarding inter company loans.

 

SECTION 45 OF THE COMPANIES ACT, 2008 No. 71 of 2008) (110629).pdf

 

Please see below a link which we are posting to a memo which analysis the applicable section 45 which we hope will be of value to you and your organisation:

As you are aware that non compliance with the Act may lead to compliance notices being issued and fines can. Furthermore directors can be held liable