Vol. 487 No. 4
36 Mr. Spring asked the Tánaiste and Minister for Enterprise, Trade and Employment if she will consider any reforms of the Companies Acts to contribute towards a reduction of the Irish black economy which was recently estimated at £7.5 billion or 16.1 per cent of Irish GDP. [4092/98]
As the Deputy is aware, the Companies Acts, 1963 to 1990, comprise a comprehensive legislative framework governing the incorporation and operation of companies within this jurisdiction. In essence, the aim of the legislation is to provide the necessary framework within which companies can operate and thereby provide those operating companies and dealing with companies with a degree of certainty in respect of the manner in which these companies are to be operated. It is important to point out that the companies legislation does not operate to regulate or govern the actual areas or activities in which the companies decide to operate or engage. At any one time, various aspects of company law are subject to review and reform. For instance, the Company Law Review Group has made recommendations for changes in six specific areas and I will be proceeding with implementation of these on a phased basis.
