Seán Sherlock (Cork East, Labour) | Oireachtas source

It brings together the various compliance and enforcement provisions found in existing legislation, a change that will provide greater transparency. The giving and acceptance of restriction and disqualification undertakings from directors are facilitated, thereby saving costs and court time. One of the Bill's most far-reaching reforms involves the introduction of a new four-tier categorisation of offences. This follows on from a recommendation of the Company Law Review Group, CLRG. It is proposed that, except for the most serious offences, namely, fraudulent trading and market abuse, all offences under the Companies Acts should be categorised according to this four-tier scheme.

At the higher end of the scale, category 1 offences carry, following conviction on indictment, a term of imprisonment of up to ten years and-or a €500,000 fine.

A further new provision allows a trial court to order a person convicted under the Bill to remedy any breach thereof in respect of which he or she is convicted.