Dáil Éireann debate -
Tuesday, 16 Feb 1999

Vol. 500 No. 4

Written Answers. - Company Investigation.

Ruairí Quinn

Question:

80 Mr. Quinn asked the Tánaiste and Minister for Enterprise, Trade and Employment the circumstances in which her Department granted the necessary authorisation to a company (details supplied) in Dublin 2 having regard to the fact that the managing director (details supplied) was adjudged a bankrupt in the United States and section 183(1) of the Companies Act, 1963, prohibits an undischarged bankrupt from acting as a company director; the steps, if any, she will take in regard to this matter; if she will review her Departmental procedures in regard to these authorisations; and if she will make a statement on the matter. [4152/99]

John V. Farrelly

Question:

97 Mr. Farrelly asked the Tánaiste and Minister for Enterprise, Trade and Employment if an investigation has been carried out into a company (details supplied) in Dublin 2 which operates as a financial company providing non-status short-term finance; if she will make a statement on the way in which it received approval for a licence; and if she will make a statement on the matter. [4528/99]

Richard Bruton

Question:

101 Mr. R. Bruton asked the Tánaiste and Minister for Enterprise, Trade and Employment if her attention has been drawn to the objections raised regarding the director of a company (details supplied); and if she will make a statement on the matter. [4123/99]

Minister of State at the Department of Enterprise, Trade and Employment (Mr. Treacy)

I propose to take Questions Nos. 80, 97 and 101 together.

The Wise Finance Company Limited was incorporated in the UK and registered as a branch in this State on 10 November 1995 under the European Communities (Branch Disclosures) Regulations, 1993. Its directors are Ronald Weisz and Fiona Weisz.

An allegation that Ronald Weisz was declared bankrupt in New York State in 1994 was recently made to our Department. Section 183 of the Companies Act, 1963, as amended, prohibits an undischarged bankrupt from acting as a director of a company. As the bankruptcy was allegedly declared in a foreign state, legal advice was sought on the issue of jurisdiction.

I have since been advised that a person declared a bankrupt in the US and remaining undischarged would not be in breach of section 183 by acting as a director in this jurisdiction. Such circumstances will obviously have to be addressed in the preparation of future companies legislation, and our Department will give the matter its attention in the interim period.

The Registrar of Companies has advised me that The Wise Finance Company Limited is up to date with its filing requirements.

I also understand that The Wise Finance Company Limited, which is primarily engaged in mortgage lending, does not require a licence/authorisation for its activities. Again this is a further matter which will be taken into account in the preparation of future legislation.