Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael) | Oireachtas source

The Senator mentioned the concerns of some companies with respect to the exemptions that were granted under section 1237(5) of the Companies Act. First, I would like to confirm that any of those exemptions that were granted remain in operation and they will continue to be in place until late 2021. Senators may remember that the purpose of section 1237(5) is to allow companies some additional time to adapt to the new requirement in the Companies Act 2014 that all companies include the company type in the company's legal name. Given the complexity and multinational nature of some companies' businesses, it was considered that the general transitional period for adapting to the new Companies Act could be too short. The general transition period of 18 months ended on 30 November 2016 and companies were granted an extension of a further five years. Recently, I have become aware of concerns from some the companies that the five years will not be enough. They have stated that they need more time. The Department is exploring those concerns with a view to finding an appropriate solution.