Domestic mergers are continuing to prove a popular alternative to traditional types of entity simplification methods such as voluntary strike off’s or liquidations. In fact statistics show that the number of domestic mergers implemented under the summary approval procedure has doubled since March 2017. This is a useful elimination tool for groups with multiple Irish entities, many of which may be dormant or superfluous to the needs of the group. More certainty in terms of the tax treatment/neutrality of mergers ( including stamp duty and CGT) was provided in the Finance Act 2017. The Property Registration Authority is due to issue a practice direction providing comfort that the transferee company can be registered as the new owner of real property post merger, in the absence of an instrument of transfer, once certain documentation is filed with it evidencing the merger. All of this is good news and no doubt will serve to increase further, the appetite for this time and cost effective dissolution method.
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