Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I move amendment No. 70:

In page 56, line 17, after "section 463" to insert "or 1129".

These amendments seek to correct an omission from sections 59, 60 and 74 of the Bill, as published, in relation to a merger or division of companies carried out under the provisions of the Companies Act 2014. The Companies Act 2014 which was passed in June 2015 consolidated and amended all existing company law legislation. It brought major changes to company structures and streamlined procedures for the merger of companies. Most importantly, in terms of amendments being proposed, Chapter 3 of Part 9 of the Act provides for a statutory procedure that allows two Irish private companies to merge in order that the assets and liabilities of one transfer by operation of law to the other after which the former company, known as the transferor, is automatically dissolved without having to be liquidated. However, a merger can also involve a public limited company. Following publication of the Bill, it was noted that the references to the Companies Act 2014 were not sufficient to encompass mergers or divisions involving public limited companies. The amendments insert the relevant references for mergers and divisions in sections 59, 60 and 74 of the Bill.

I take the opportunity to flag that I may bring forward a further amendment to this section on Report Stage.