Companies Act 2014 section 1415

Statutory declaration as to solvency

Section 1415 requires a director of an investment company that is migrating into or out of Ireland to make a statutory declaration confirming the company's ability to pay its debts as they fall due, supported by an independent person's report.

• A director must make a statutory declaration, after full inquiry into the company's affairs, that the company can pay its debts as they fall due at the time of the migration application.
• The declaration must be made no more than 28 days before the application, must include a statement of assets and liabilities dated no more than 3 months before the declaration, and must be accompanied by a report from an independent person who is qualified to act as auditor.
• The independent person's report must state whether the director's solvency opinion and the company's stated assets and liabilities are reasonable, based on the information and explanations provided to them.
• A director who makes the declaration without reasonable grounds commits a category 2 offence, and if the company is wound up within one year and cannot pay its debts in full, the director is presumed not to have had reasonable grounds unless proved otherwise.