Paul McAuliffe (Dublin North West, Fianna Fail)
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30. To ask the Minister for Enterprise, Trade and Employment if he will provide an update on his efforts to reform company law; and if he will make a statement on the matter. [18424/22]

Robert Troy (Longford-Westmeath, Fianna Fail)
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The Companies Act 2014 is a landmark legislative project, the result of many years of detailed and comprehensive work. It consolidated, simplified and reformed company law to provide a modern framework for all companies. The Act strikes a balance between simplifying the day to day running of a business, maintaining the necessary protections for those dealing with companies and putting in place an effective corporate governance regime.

Company law is dynamic and having established a world-class company law code in the Companies Act we keep it under regular review. In this regard the Company Law Review Group (CLRG) plays a central role in advising me on the Act. The CLRG is a statutory advisory body with membership made up of a wide range of stakeholders including employee and employer representative groups, the Revenue Commissioners, the Courts Service, insolvency and legal practitioners and regulators. Members have an expertise in company law and provide well-rounded analysis on the issues that come before them for consideration.

Since 2020, the Tánaiste and I have amended the Companies Act twice to protect viable businesses and preserve employment. The Companies (Rescue Process for Small and Micro Companies) Act 2021 provided for SCARP - the Small Company Administrative Rescue Process. This isa new cost efficient and speedy corporate rescue framework for small and micro companies. This Act also made a number of amendments to the Companies Act enhancing the rights of creditors in a liquidation. The other is the Companies (Miscellaneous Provisions) (Covid 19) Act 2020 which addresses temporary operational issues and alleviates pressure on company liquidity.

Preparations are being made for a third updating of the Act through a Companies (Miscellaneous Provisions) Bill. My officials are considering provisions in the areas of corporate supervision and enforcement; the recent CLRG report concerning the consequences of certain corporate liquidations and restructuring practices; and other matters including rebalancing the provisions regarding audit exemptions for small companies.