Wednesday, 20 May 2020
Department of Jobs, Enterprise and Innovation
My Department is progressing, with the Company Law Review Group (CLRG), proposals for amendments to the Companies Act to mitigate the impact of the COVID-19 crisis on business. Among them are a range of proposals relating to the examinership process.
Examinership remains very relevant in the context of preserving viable businesses and protecting jobs. It is a managed process that includes the interests of customers, creditors, suppliers, employees and staff. Any changes to our long standing examinership process must be pursued in a manner that guards against unintended consequences, particularly as these consequences could be adverse for other companies, employees and the Exchequer.
The CLRG is a statutory body charged with advising me on all matters pertaining to company law to promote enterprise and enhance corporate governance. Membership of the CLRG is wide and representative of the broad range of stakeholders with an interest in company law, including representatives for small business, ISME and the SFA. This group is ideally positioned to fully consider the many issues arising from a unique wide-ranging perspective.
This work is being prioritised by all involved and I expect to have an update from the CLRG shortly, once deliberations have concluded.