asked the Minister for Industry and Commerce if his attention has been drawn to a report that one of the most serious and difficult legal problems facing Irish businessmen in the EEC is whether Irish private companies will be required to have a minimum paid-up capital of £1,600; if he has examined the matter, and if he will make a statement thereon.
Ceisteanna—Questions. Oral Answers. - Company Capital.
45.
I have seen a report to which the Deputy may be referring. The recommendations regarding minimum capital are contained in a draft EEC directive on company law which proposes that the minimum issued capital of a company be in round figures of £10,000 but that for certain classes of company this may be reduced to £1,600. It is also proposed that at least 25 per cent of this capital must be paid up. The question whether the directive will apply to Irish private companies has not yet been settled but, if it will, the minimum paid-up capital will be £400 and not £1,600 as stated in the report.
Can the Minister give details of the number of companies with less than this amount of paid-up capital at present operating in Ireland?
I cannot.
Can he find that out?
Question No. 46.
It is not 46. The Minister has not answered me.
I am making an effort to get through questions despite the Deputy's interventions.
The Ceann Comhairle is hearing echoes.