Colm Burke (Fine Gael) | Oireachtas source

I apologise for not being in attendance for the presentation of the Minister of State. Unfortunately, the Joint Committee on Health and Children was meeting to deal with end-of-life issues in the last of a series of such meetings. In this regard, we are dealing to an extent with the end of life of companies.

I welcome the Bill. One of the problems we have had with commercial law in this country is that it has tended to move completely to Dublin because company liquidation, examinerships and receiverships are all based in the High Court. This is a welcome change which will mean that commercial law does not need to be centralised in Dublin. That in itself is a welcome development.

It is also important that the legislation introduced this morning sets out that the number of companies for which it caters is large. That is an important development. The other issue relates to reducing overall costs. Allowing companies to make the applications in a Circuit Court in the immediate area is a welcome development, because costs will be greatly reduced. The cost of going to the High Court includes the costs of going to Dublin and employing senior and junior counsel, and the change will mean greatly reduced costs.

I also welcome the change with regard to electronic filing of accounts, which is long overdue. We have moved to an electronic age and it is important that companies are able to use such a process. It is about reducing costs and getting the work done in a timely manner. The legislation is welcome. I accept that the Companies Bill 2012, which is being processed currently, represents major reform in terms of consolidating company law in this country, which is welcome. Company law is a complex area, but business moves faster now and the Government must respond accordingly. The current process is moving in the right direction. I hope the consolidated companies Bill will be enacted in a timely manner because it is something we need to encourage and help businesses, but it will also ensure there are a clear set of rules and criteria for how business is carried out in this country. That is a welcome development. I thank the Minister of State for introducing the Bill.