Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I move amendment No. 110:

In page 39, before section 54, to insert the following new section:58.—Section 3 of the Companies (Amendment) Act 1990 is amended—

(a) in subsection (2)—

(i) in paragraph (a) by substituting “only by the Central Bank or by the company acting with the prior consent of the Central Bank,” for “only by the Minister”,
(ii) in paragraph (b) by inserting “or by the company with the prior consent in writing of the Central Bank” after “the Central Bank”, and
(iii) by deleting paragraph (c)(ii),

and

(b) by inserting the following after subsection (2):

“(2A) Where a petition is presented under subsection (2) otherwise than by the Central Bank—

(a) the petitioner—

(i) subject to subsection (2B), shall, before he or she presents the petition at the office of the court, cause to be received by the Central Bank a notice in writing of his or her intention to present the petition, and
(ii) shall serve a copy of the petition on the Central Bank as soon as may be after the presentation of it at the office of the court,

and

(b) the Central Bank shall be entitled to appear and be heard at any hearing relating to the petition.

(2B) A notice under subsection (2A)(a)(i) shall not be required if the petitioner is the company.”.”.

This is a technical amendment to the Companies Acts and the procedure for petitioning for examinership. It was overlooked when the amendments were made to similar provisions in the original financial services legislation in 2003.