Alice-Mary Higgins (Independent) | Oireachtas source

I move amendment No. 4:

In page 67, after line 31, to insert the following:“102. The Minister will produce and publish a report to be laid before both Houses of the Oireachtas containing the recommendation of the Company Law Review Group in relation to the Companies Act 2014 within eight months of the enactment of this Bill, including intended actions to be taken by the department.”.

While I recognise that the Minister wishes to await the proposals from the CLRG on the Companies Bill I would emphasise again the clear problems with section 599 at the moment. That is why there is a sub-committee looking at that issue.I welcome the fact that it has met 13 times. That is good to know because there has been quite a silence around the action of the Company Law Review Group. It is good to hear that it is moving forward. I would strongly urge the Minister to accept this amendment. I think it is extremely reasonable. It simply seeks to strengthen the timeline around this. As I said, I do not believe that we are in a situation that is currently safe. I believe we are still leaving the State vulnerable to considerable economic and financial risk through companies exploiting the loophole that has been so clearly illustrated to them in respect of the Cleary's debacle. I ask that the Minister produce and publish a report to be laid before the Houses of the Oireachtas containing the recommendations of the Company Law Review Group regarding the Companies Act within eight months of the enactment of this Bill, including the intended actions taken by the Department.

In this amendment, I am not prescriptive on whatever actions the Department may wish to take. I leave that entirely up to the Minister's discretion and her response to what she receives from the Company Law Review Group. I simply ask that action is taken on it. The Minister has indicated a timeline involving June, which I welcome. That timeline is shorter than the eight months that I set out in this amendment. However, I am concerned to ensure that we definitely do see that report produced. I am suggesting to put this in as a failsafe to strengthen the Minister's hand in pressing the Company Law Review Group to continue and conclude its business in a timely fashion.