IRD Kiltimagh CLG

IRD Kiltimagh CLG

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IRD Kiltimagh Ltd. becomes IRD KIltimagh CLG.

As per the Companies Act 2014, the name of IRD Kiltimagh has changed slightly. The suffix “Ltd.” is now replaced with “CLG” to signify that the company is registered with the Companies Registration Office as a Company Limited by Guarantee”.

In reality, nothing has changed apart from the name. The company is operating as it alwys did and is still a company which has no shareholders, hence the CLG form. As before, all directors of IRD Kiltimagh CLG are voluntary, unpaid, and can not benefit in any way from the winding up or operation of the company. The assets of the company are held in trust and operated for the benefit of the local community. In the event of a CLG Company being wound up, any assets held after any debts are cleared, must be passed to a company with similar aims and legal status in the community.