Written answers

Tuesday, 16 April 2013

Department of Jobs, Enterprise and Innovation

Company Law

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Jobs, Enterprise and Innovation his plans to examine the so called prepack receiverships to address concerns that companies are being bought out of debt by their existing owners, with limited marketing of the business to other potential buyers, whilst smaller creditors are being excluded from the process. [16280/13]

Photo of Richard BrutonRichard Bruton (Dublin North Central, Fine Gael)
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At the moment, my immediate priority in the company law area is to work for an early enactment of the Companies Bill 2012, which was published on the 21st of December last and is due to begin its passage through this House next week. Once on the statute book, the Companies Bill will introduce a modern company law code for Ireland and bring significant benefits to business. The Bill has been many years in the making and I am keen now to have it in force at the earliest opportunity.

However, I am aware of the issues that the Deputy has raised with regard to the conduct of receiverships and I have asked my officials to give them consideration.

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