asked the Minister for Trade, Commerce and Tourism if he will amend the Companies Acts in order to remedy serious defects in the law, especially on such matters as bankruptcy-winding up in order to prevent persons whose conduct has been improper re-engaging in commercial enterprises by forming new companies; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Amendment of Companies Acts.
28.
Work is proceeding as a matter of urgency in my Department on the preparation of legislative measures to curb abuse of limited liability and malpractice in the conduct of company business generally. This is in line with the commitment given in the joint programme to control abuses in the area of company law.
I should mention that the Companies Acts, 1963 to 1982, do not govern bankruptcy law, which relates to individual rather than corporate insolvency and the administration of which is the responsibility of the Minister for Justice.
When does the Minister expect that this legislation will be put before the House having regard to the urgent need for new legislation on this matter?
I expect the legislation dealing with company law will be taken in phases. I must also take into consideration directives issued as a result of our membership of the EEC. The matter which the Deputy has raised will be dealt with in legislation which will be coming before the House shortly. A more comprehensive Bill on company law will be brought before the House later in the year, I hope.