Jack Wall (Kildare South, Labour)
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Question 391: To ask the Minister for Enterprise, Trade and Employment the reasons a company (details supplied) has to supply audited accounts to the Companies Office in view of the fact that the company has charitable status and is a community based group whose constitution states that it is a non-profit making organisation and the workings of the group are solely to do with improvements of facilities in the area of the community; his views on this matter and changes in legislation to assist such groups; and if he will make a statement on the matter. [41635/06]

Micheál Martin (Cork South Central, Fianna Fail)
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Many charitable and voluntary organisations find the company code structure a suitable means in which to organise their activities. The favoured type of company structure formed is usually guarantee companies without a share capital and with limited liability. In return for the privilege provided by society in allowing such companies to organise themselves with limited liability, company law sets out a series of rules and procedures that must be complied with. These include the submission of an annual return to be accompanied by a full set of audited accounts to the Registrar of Companies.

My Department, through the Company Law Review Group, is currently working on the General Scheme of a Bill to restructure, consolidate, simplify and modernise company law in Ireland, including the law as it applies to guarantee companies. It is anticipated that the draft General Scheme of the Bill will be presented to me shortly and, subject to the approval of the Government, I expect to pass the Bill to the Office of the Parliamentary Counsel for formal legal drafting early next year.