Seán Sherlock (Cork East, Labour) | Oireachtas source

I thank the Vice Chairman and committee members for allowing us to flag amendments which will be dealt with on Report Stage. As requested by members, my officials have brought copies of the ODCE's guide to directors duties and powers. This document is available free of charge in both hard copy and on the Office of the Director of Corporate Enforcement, ODCE, website. As I mentioned yesterday, the officials from my Department will arrange another briefing session for committee members prior to Report Stage to ensure that members are fully briefed on these proposed amendments.

In this context, I wish to remind members about the Companies (Miscellaneous Provisions) Bill 2013, which will be progressing through the Houses in the coming weeks. This Bill will contain provisions that are considered to be too urgent to wait for the completion of the "Big Bill". This Bill amends the Companies (Amendment) Act 1990 in relation to the jurisdiction of the courts in examinerships. It provides that companies that are deemed to be small companies by virtue of the Companies (Amendment) Act 1986 may make their application to the Circuit Court instead of the High Court. It also contains provisions concerning the making of annual returns for subsidiary undertakings. It facilitates the reporting of offences under the companies Acts to the Director of Corporate Enforcement and his or her officers. It authorises IAASA to collect a levy or levies from statutory auditors and audit firms auditing public interest entities. Finally the Bill makes provision for the Minister to provide regulations in relation to third country auditors and audit entities, who carry out audits of the annual or group accounts of a company falling within certain EU regulations. As the "small" Bill has not yet been enacted, it is not possible to give a more precise detail of its final version, although obviously the members of the committee will contribute to it when it comes before them in the next few weeks. As the goal of the Companies Bill 2012 is to consolidate all existing law, it is intended that the "small" Bill will be subsumed into it, ideally by way of Report Stage amendments.

I would also like to note that I am considering introducing amendments to Part 3 on Report Stage to harmonise advertising requirements for notifying creditors of a proposed reduction in capital and also to ensure that the requirement to advertise in one daily newspaper only is applied consistently throughout the Bill.