Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

I acknowledge the Deputies' interest in the industrial and provident societies legislation. I want to share the intention of addressing the shortcomings in the current legislation and inform the House that work is well advanced in my Department to update and modernise the existing legislative framework. We are close to finalising the general scheme of the co-operative societies Bill, which I know the Acting Chairman will welcome, since he has raised it on a number of occasions. It sets out proposals for the most far-reaching reform of legislation relating to co-operatives in almost 130 years. It will consolidate, modernise and strengthen the legislative basis for the sector and enshrine the co-operative model in legislation for the first time. It is our intention to go to public consultation on this in a matter of weeks. I genuinely believe that in that context, we will be able to deal with the amendments tabled by Deputy O'Reilly and by a number of my colleagues in the Green Party.

I thank Deputies, particularly those who are members of the Joint Committee on Enterprise, Trade and Employment, for their constructive engagement on the Bill. I am pleased that the key features of the Bill have been welcomed and supported. This is important legislation and a landmark development in the enforcement of company law in Ireland. The delivery of the new corporate enforcement authority is a key priority for me and the whole of the Government. I strongly believe in this project and I want to get the necessary legislation underpinning it in place to allow for the transformation. In tandem, recruitment is under way to fill senior posts in the new authority. The 50% increase in headcount compared with the office will ensure that the authority will hit the ground running. I look forward to bringing the Bill to the Seanad and to its enactment as soon as possible with a view to establishing the new corporate enforcement authority in January 2022. I thank the Deputies, including Deputy O'Reilly, for their constructive engagement on the Bill.

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