Ruairi Quinn (Dublin South East, Labour)
Link to this: Individually | In context

Question 163: To ask the Minister for Enterprise, Trade and Employment the position on the consolidated companies legislation; and if he will make a statement on the matter. [32205/06]

Michael Ahern (Cork East, Fianna Fail)
Link to this: Individually | In context

The Companies Consolidation and Reform Bill will introduce a greatly simplified legal framework for corporate activity. The twelve existing Companies Acts, from 1963 to 2005, will be consolidated into a single statute. The new Bill is also a modernizing Bill, in that it will give primacy to the 'private company limited by shares' as the preferred corporate entity in the State, representing as it does, the vast majority of existing companies. In consolidating existing company law, the new Bill will also ensure that the rights of shareholders and creditors are fully protected. These positive benefits will enhance the attractiveness of Ireland as a place to do business and assist both the encouragement of foreign direct investment and of indigenous business.

The Company Law Review Group, CLRG, has almost finalised its work on the preparation of the General Scheme of the Heads of the Bill and I understand that it expects to report on its recommendations to me shortly. It is anticipated that the draft Bill will contain in excess of 1,500 sections and, subject to the approval of the Government, I expect that the General Scheme of the Bill will be passed to the Office of the Parliamentary Counsel for formal legal drafting later this year.