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Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: I move amendment No. 70: In page 376, between lines 40 and 41, to insert the following:“(6) If the original statutory financial statements or directors’ report in respect of the company have been registered by the Registrar prior to the date of receipt by the Registrar of the revised financial statements or (as the case may be) the revised directors’ report, then, despite...

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: I move amendment No. 71: In page 393, line 13, to delete “1 month” and substitute “30 days”.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: I move amendment No. 72: In page 394, line 3, to delete “1 month” and substitute “30 days”.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: I move amendment No. 73: In page 396, between lines 4 and 5, to insert the following: “Definitions (Part 7) 409. In this Part—“charge”, in relation to a company, means a mortgage or a charge, in an agreement (written or oral), that is created over an interest in any property of the company (and in section 410(8) and sections 415 to 422 includes a judgment mortgage)...

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: I propose to table another amendment on Report Stage to section 410 on the issue of charges that comprise property outside of the State.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: I move amendment No. 74: In page 399, line 13, to delete “or undertaking”.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: I propose to make another amendment to section 413 on Report Stage to include requirements regarding floating charges and the crystallisation of charges, deal with the payment of proceeds to be made into a special designated account, modify the definition of negative pledges, deal with issues relating to the priority of charges and clarify how priority of charges will be provided for.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: We are proposing further amendments on Report Stage to section 414 to allow the Minister to prescribe forms from time to time and to delete subsection (6) with a view to clarifying that the priority of judgment mortgage is governed by the Land and Conveyancing Law Reform Act 2009.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: I move amendment No. 75: In page 401, line 29, to delete “In subsection (3)” and substitute the following:“Without prejudice to the generality of the definition, in section 409, of that expression, in subsection (3)”.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: I move amendment No. 76 In page 401, line 36, to delete “or undertaking”.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: I move amendment No. 77: In page 401, line 38, to delete “or undertaking”.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: I move amendment No. 78 In page 402, line 1, to delete “or undertaking”.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: I move amendment No. 79: In page 402, line 3, to delete “or undertaking”.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: We are considering introducing an amendment to section 417, as amended, on Report Stage to allow notice of satisfaction of a charge to be served upon the person registered as entitled to the charge where the Companies Registration Office has been statutorily notified there has been a change of lender.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: We are considering introducing an amendment to section 421 on Report Stage to clarify the wording as regards charges created and-or registered before the commencement of the relevant provisions of the Bill.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: We are considering introducing an amendment to section 432 on Report Stage to remove the mandatory requirement for the secretary to sign the statement of affairs.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: The secretary is not mandated to be qualified, if I understand that correctly, before the law to sign the statement of affairs. If members bear with me, I will get an explanation.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: There should be no mandatory requirement on a person, being the secretary, in the absence of such knowledge to sign a statement of affairs. The secretary may not have the qualifications to have a mandatory obligation to sign a statement of affairs.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: I will arrange a briefing on this before Report Stage.

Select Committee on Jobs, Enterprise and Innovation: Companies Bill 2012: Committee Stage (5 Nov 2013)

Seán Sherlock: The duty to sign the statement of affairs falls to the director and not the secretary.

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