Mattie McGrath (Tipperary South, Independent)
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156. To ask the Minister for Jobs, Enterprise and Innovation the existing regulatory framework governing the actions and role of receivers; if he is proposing to amend same; and if he will make a statement on the matter. [16699/15]

Richard Bruton (Dublin North Central, Fine Gael)
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The Companies Acts 1963-2013 set out the powers and duties of receivers. In particular the law relating to receivership is found in Part VII of the Companies Act 1963 as amended by Part VIII of the Companies Act 1990. However, for the most part, the relevant law is made up of rules which the courts have developed by applying general contract law and equitable principles. The Companies Act, 2014, which is to be commenced on 1 June 2015, substantially re-enacts existing law on receivership. The most important change to the existing law is the codification of the powers of receivers in section 437 of the Act, which until now has been contained in case law. This change is in line with the position of other common law countries.

Additionally, various aspects of the law of receivership have been updated in light of technological advances. Existing requirements relating to business letters of companies in receivership have been extended to cover e-mails and websites and the requirement that the appointment and removal of receivers should be published in a daily newspaper has been replaced by the requirement that they be published in the CRO Gazette, which is freely available online.

As part of its Work Programme 2014 - 2016 the Company Law Review Group will be examining the area of receivership law and I look forward to receiving its Report in due course.