Welcome Development in Irish Companies Act for Aircraft Leasing
Under the Companies Act 2014 (the 2014 Act), Irish private limited companies may be incorporated as either a company limited by shares (CLS) or a designated activity company (DAC). The Companies (Accounting) Act 2017 (the Accounting Act) which came into force on 2 June 2017 included welcome amendments to the 2014 Act which impact the aircraft leasing community and the use of Designated Activity Companies for aircraft finance and leasing transactions. Prior to the Accounting Act, a company entering into the business of finance leasing needed to be a DAC entity rather than a CLS.