Vol. 397 No. 4
23 Mr. McCartan asked the Minister for Industry and Commerce if his attention has been drawn to statements made by the managing director of a company (details supplied) in which he indicated that the company did not intend to divulge its profits in future, despite the provisions of company law that say this must be done; if he intends to take any steps in relation to this matter; and if he will make a statement on the matter.
The company to which the Deputy is referring is unlimited and is not, therefore, subject to the Companies (Amendment) Act, 1986, which requires the disclosure of accounts.
The Companies (Amendment) Act, 1986, was the the statute which implemented the EC Fourth Directive. In the light of the existence in various member states of companies which because of their legal status were not covered by the terms of this directive, the Commission of the European Communities submitted a proposed directive to extend the scope of the Fourth Directive to cover certain types of partnerships, limited partnerships and unlimited companies.
At my initiative the EC Internal Market Council of Ministers decided on 22 February last that work on this directive which had not been discussed since May 1988 should be resumed. It is my intention that the maximum amount of progress will be made during the Irish Presidency.
