Dáil Éireann debate -
Tuesday, 2 Mar 1999

Vol. 501 No. 3

Written Answers. - Companies Acts.

Nora Owen

Question:

116 Mrs. Owen asked the Tánaiste and Minister for Enterprise, Trade and Employment the information, if any, she has on a company (details supplied) regarding any breaches by the company of the Companies Acts; and if she will make a statement on the matter. [6199/99]

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

The Wise Finance Company Ltd. was incorporated in the United Kingdom 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. The Registrar of Companies advises me that The Wise Finance Company Limited is up to date with its filing requirements.

Allegations that Ronald Weisz was declared a bankrupt in New York State in 1994 and has a conviction in the United States for fraud were 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 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 by virtue of the definition of undischarged bankrupt as prescribed by section 2 of the Companies Act, 1963. I am also advised that the Irish courts do not necess arily recognise a foreign bankruptcy with the possible exception of,inter alia, a bankruptcy in Northern Ireland, England, Scotland, Wales, the Isle of Man and the Channel Islands.

It is also alleged that Ronald Weisz was a directory of ABC Racquetball Courts Inc. a company incorporated in the USA, and thus is in breach of the Companies Acts for failing to list details of other directorships on the companies annual returns filed with the CRO. The Department does not currently have any substantive proof that Mr. Weisz was a director of this company.