Results 821-840 of 1,279 for speaker:Michael Ahern

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: The threshold of €2.5 million was set by the EU. We are accepting that in our legislation.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: This retains what is in existing law. Under the directive we were not required to do this, but to ensure there is a comeback against people who would abuse the law we are retaining section 49.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: I might know a lot but I do not have all of those statistics in my head.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: Would it be cost-effective to investigate that, or would it be a waste of taxpayers' money?

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: I understand the Senator is asking whether section 49 has ever been applied. If it is possible to find that out, I will do so.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: This amendment provides that an offering document prepared for a local offer must be sent to the Companies Registration Office, CRO, for registration. It is considered that the CRO should be the place that all information on companies is disclosed to third parties. The CRO has invested heavily in ICT systems and processes and where information is filed in the CRO it can be viewed on-line...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: This amendment allows the registrar of companies to bring summary proceedings for an offence under this section.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: We will investigate whether e-commerce legislation covers the points made by Senator Leyden.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: This amendment corrects an error in the text in section 36. It is section 54 that is being deleted. Consequently, in (b) it is section 53 that replaces the said sections 53 and 54.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: As Senator McDowell stated, the CRO approached the concept of striking off companies with great vigour some years ago and returns improved significantly following that mission. The CRO is not pursuing companies to strike them off as it did in the past but it has the power to do so if it feels this is necessary.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: Sections 54 and 55 provide for the reservation of a company name with the CRO. An application may be made to the registrar to reserve a company name and a fee must be paid. A name may be reserved for 28 days and an applicant may seek an extension of this period for another 28 days only. The CRO checks the suitability of all proposed names, having regard among other matters to the similarity...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: The Senator is aware of the Company Law Review Group, which comprises people from different professions. The first report of the CLRG recommended this type of reservation system. The group was of the view that this would improve the registration process and that is why it is included in the Bill. Time will tell how it will work in practice.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: This amendment seeks to make it possible for the offences dealt with in section 22 of the Companies (Amendment) Act 1986 to be prosecuted on indictment. It is considered that such an option should be available in more serious instances where, for example, a company fails to follow fundamental accounting principles under section 5 of the Act, or where, having opted not to follow such...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: Subsection (3) of section 20 of the Companies Act 1990 provides that any material information seized by officers of the Director of Corporate Enforcement, under subsection (2) of the section, may be retained for a period of six months or such longer period as may be permitted by a judge of the District Court or if within that period any proceedings have commenced to which the information is...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: The purpose of these amendments is to correct the typographical error in section 37(d) of the Companies (Auditing and Accounting) Act 2003. The purpose of that provision was to remove the reporting requirement for auditors under section 194(5) of the Companies Act 1990, as inserted by section 72 of the Company Law Enforcement Act 2001 in respect of indictable offences under section 125(1) and...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: This amendment corrects a typographical error in the Bill.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: Given the new functions assigned to the Central Bank and IFSRA, under Parts 3 and 4 in particular, the bank sought equivalent provisions to those already afforded to the ODCE, CRO, officers of the Minister and inspectors, to facilitate the discharge of its functions under company law. The powers in question of the existing bodies are set out in section 110 A of the Company Law Enforcement Act...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: This amendment is similar to amendment No. 19 concerning the Office of the Director of Corporate Enforcement. Section 45(6) of the Competition Act 2002 provides that any books, documents or records that are seized or obtained under subsection (3) of that Act may be retained for a period of six months or such longer period as may be permitted by a judge of the District Court, or if within that...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: Subsection (6) of section 45 of the Competition Act 2002 is repealed. Despite that, subsection (6) shall continue to apply to books, documents or material obtained before the commencement of the section.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: There will not be any period of retention for the future. As regards what is in the pipeline, the status quo will be maintained.