Dáil Éireann debate -
Wednesday, 29 Apr 1992

Vol. 418 No. 8

Written Answers. - Company Law.

Bernard J. Durkan

Question:

42 Mr. Durkan asked the Minister for Industry and Commerce if he has satisfied himself that company law, and in particular the Companies Act, 1990, is sufficiently enforceable; and if he will make a statement on the matter.

Minister for Industry and Commerce (Mr. O'Malley)

It is not clear to which aspect of the broad and complex spread of company law the Deputy is referring. The Deputy will be aware that there have been significant legislative developments since the 1963 Companies Act came into force. The two most recent initiatives were the Companies Act, 1990 and the Companies (Amendment) Act, 1990.

The former Act is comprised of 262 sections in 13 Parts. The latter Act provides a legislative framework for the appointment of examiners to companies experiencing significant trading difficulties.

I have currently no reason for undue concern about difficulties of enforcement of company law and indeed would suggest that much of the recent activity in this area has, if anything, demonstrated the general effectiveness of the regime we have put in place. Nevertheless the legislation continues to be reviewed and will be amended as the need arises.