Results 4,181-4,200 of 13,254 for speaker:Seán Sherlock

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of this amendment is to provide that the subsection relating to the serving of notice on members applies where a provision of the Bill so requires or authorises a notice to be served but also where the Constitution so requires. As the Bill stands, the Constitution would have to be amended to provide for this and this is not intended.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of this amendment is to provide that the subsection relating to the serving of notice on members applies where a provision of the Bill requires or authorises a notice to be served but also where the Constitution so requires. As the Bill stands, the Constitution would have to be amended to provide for this and this is not intended.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of this amendment is to provide a cross-reference to section 181(3) concerning the receipt of notice of general meetings when availing of ordinary post.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: This section contains the form of directors compliance statement as recommended by the Company Law Review Group. Having analysed the provisions contained in the 2003 Act, the group determined that such extra duties as set out would do little to increase compliance and merely result in an increase in red tape at considerable cost to Irish businesses. The set-up costs for a business were...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of this amendment is to remove the unintended requirement in the Bill for the disclosure of directors' interests in share options granted by parent companies. When a 1% or less share option is granted, it is not required that it be reported to the company.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: I am considering introducing an amendment to this section on Report Stage in order to bring it into line with existing law. I am also considering introducing an amendment to Chapter 15 on Report Stage in order to bring the audit exemption criteria in line with Article 52 of Directive 2013/34/EU. The aim of this directive is to simplify the accounting requirements for small companies and...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: I have sympathy for the situation of the person to whom the Senator refers but I cannot accept the amendment. What is proposed would not be a logical inclusion in companies' financial statements. Such statements relate to companies' financial performance and not to their tax obligations. Fiscal accounting address tax obligations. If the Government were to consider a requirement to oblige...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: I shall take the two amendments together, if I may. I am unclear as to why the Senator has proposed the deletion of subsections (2) and (6), particularly as the proposal does not include any replacement texts. I can only surmise that he is opposed to the Bill making provision for alternative methods for the storing and managing of accounting records, rather than the requirement to keep...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: I am considering introducing an amendment to section 286 on Report Stage to provide for a more precise penalty for not maintaining adequate accounting records.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: I am considering introducing an amendment to this section on Report Stage. It is considered that further refinement of the wording, regarding the penalty, may be required as it may not be specific enough.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of these amendments is to delete the reference to a "bank" and replace with the word "institution". This will result in a uniformity of language throughout the Bill and is in line with EU law. It is a technical drafting amendment.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: This is a significant amendment and arises as a consequence of the CLRG's recommendation in 2013 that company law be amended to allow companies that meet two of the three criteria relating to balance sheet total turnover and number of employees, to qualify for audit exemption. The intention here is to use the available provisions in EU law to help small companies. The Bill, as it stands,...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: This amendment is to clarify the District Court's jurisdiction and that the extension of filing period applications in respect of annual returns is limited to returns that are delivered to the CRO on or after the commencement of this section. This would preclude companies that have already filed annual returns from seeking extensions of time and other misuses of the section, such as seeking...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of these amendments is to exclude securitisation-type companies from the audit exemption criteria. Securitisation companies are companies that are either registered financial vehicle corporations within the meaning of Article 1.2 of FVC Regulation (EC) No. 24/2009 of the European Central Bank or financial vehicles engaged solely in activities where economic participation is by...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of this amendment is to refine the definition of "charge". It is appropriate to have "shares, bonds or debt instruments" contained in a distinct sub-clause.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of this amendment is to provide that the definition of "charge" could be altered by statutory instrument in the future to ensure continued alignment with a financial collateral arrangement under the European Community’s financial collateral arrangements regulations.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of this amendment is to align the Bill with existing legislation. The words "is created in the State" are redundant and do not serve any useful purpose, particularly in light of the fact that subsections 99(3) and 99(5) of the Companies Act 1963 are not repeated here.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of these amendments is to provide for a modification of the rules governing priority of charges. "Priority of charges" refers to where two or more successive mortgages are created over the same property. The current rule of priority is that the first mortgage has priority over the subsequent mortgage, subject to an exception where the second mortgagee gives notice to the first...

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of the amendment is to clarify that "special majority" means a majority in number representing at least 75% in value of the creditors, class of creditors or members or class of members, as the case may, will be present and voting in person or by proxy at the scheme meeting. The section defines a number of terms for the purposes of this Part.

Seanad: Companies Bill 2012: Committee Stage (17 Jun 2014)

Seán Sherlock: The purpose of the amendments is to remove the obligation to make documents available for physical inspection where documents are available on the website of the company free of charge.