Dáil Éireann Debate, Tuesday - 8 May 2018
227. Deputy Billy Kelleher asked the Minister for Business, Enterprise and Innovation if no applications were made under the old regime pursuant to section 60 of the Company Law Enforcement Act 2001 from 2001 to 1 June 2015. [20184/18]
Amharc ar fhreagra230. Deputy Billy Kelleher asked the Minister for Business, Enterprise and Innovation the reason section 60 of the Company Law Enforcement Act 2001 was introduced into legislation; if it was introduced to facilitate companies as a result of the introduction of the annual return date regime in March 2001 to facilitate the Companies Registration Office; and if she will make a statement on the matter. [20187/18]
Amharc ar fhreagraI propose to take Questions Nos. 227 and 230 together.
Section 127 of the Companies Act 1963, as amended by section 60 of the Company Law Enforcement Act 2001, provided that a company had to deliver its annual return to the Registrar of Companies not later than 28 days after the annual return date.
The purpose of the amendments made by section 60 was to introduce the concept of an annual return date, being a specific date in each year within 28 days of which a company must file its return. The introduction of the provision allowed the Registrar to better monitor compliance with annual return filing requirements.
The section also provided that the High Court, on an application made (on notice to the Registrar of Companies) by a company, could, make an order extending the time in which the annual return of the company in relation to a particular year could be delivered to the Registrar of Companies. I understand that 1 such application to the Court was made in the period in question.
The ability of individuals to set up a separate legal entity and avail of limited liability is a real and significant privilege as well as being beneficial to the economy and society. As a counterpart to this privilege there are a series of rules and procedures which must be adhered to.
On time filing of annual returns and associated financial statements by companies is an important transparency measure and safeguard for third parties such as creditors and employees. Currently over 93% of companies file their annual return on time. I am proposing amendments for Report Stage of the Companies (Statutory Audits) Bill 2017 that will further support timely filing and simplify the process for all companies.
