Companies Act 2014 section 1267A

Modification of definition of "ineligible entities" in case of PUCs and PULCs

Section 1267A modifies the definition of "ineligible entities" so that it extends to public unlimited companies (PUCs) and public unlimited companies with a share capital (PULCs).

• The standard definition of "ineligible entities" in section 275(1) applies to PUCs and PULCs, but with certain textual adjustments.
• Minor punctuation changes are made to paragraphs (c) and (d)(ii) of the definition to accommodate the addition of a new category.
• A new paragraph (e) is inserted, which adds PUCs and PULCs to the list of entities classified as ineligible entities.
• As ineligible entities, PUCs and PULCs cannot avail of certain exemptions available to smaller or less complex company types, such as audit exemptions or reduced filing requirements.