Mary Harney, Tanaiste and Minister for Enterprise, Trade and Employment, has for some time now been promoting radical reform, restructuring and updating of Company Law in Ireland. The Government has now approved the drafting of a single principal Companies Bill to replace all existing company legislation, currently composed of Ten Acts of the Oireachtas and a substantial amount of secondary legislation. The practical application of this legislation has become very unwieldly in the view of many practitioners.

A substantial part of this new Bill has been drafted and it is the Departments aim to submit the Heads of Bill to the Office of the Parliamentary Council in the second half of 2003. The Company Law Review Group is due to publish its Second Report in the coming months. For the second two-yearly work programme (2002-2003) the Group is considering the following issues:

Accounting and Audit
The Accounting and Audit committees main focus is on the introduction of international accounting standards and harmonisation of "whistle blowing" provisions and other reporting responsibilities and the modernisation of the 4th and 7th Company Law Directives.

Charges and Security
The focus of the committee is the examination of the law related to charges and securities. The two main areas of focus for the committee are debentures and the registration of charges.

Company Management Regulations
The Company Management Regulations committee is charged with the consideration of the Regulations in Table A in the First Schedule to the Companies Act,1963 not dealt with in the First Report of the Company Law Review Group.

EU Developments
The EU Developments Committee monitors the development of company law proposals at European Union level to ensure that any recommendations made by the Company Law Review Group are in accordance with the agreed direction of EU Company Law.

Liquidators and Liquidation Service
The Liquidators and Liquidation committee is considering the possibility of a funded public interest liquidation service and the law in relation to the winding-up of companies.

Shares and Share Capital
The areas under consideration by the committee address the requirement for the orderly administration of company law in relation to transactions involving share capital and shares. The focus of this committee is on simplification, particularly with regard to how tradable paper is offered to the public for subscription.

Winding-Up of Companies
The Review Group will examine the law relating to the winding-up of companies.

The Compliance Burden i.e. the preparation and filing of Annual Returns is becoming greater with the passing of each new piece of Company legislation; as indeed are the implications, financial and otherwise of failing to comply in a timely manner.

So What Is The Answer?

Solution
ICC can relieve you of this annual maintenance burden through the preparation and filing of compliance documentation ata very competitive rate. It has professionally qualified staff just waiting to take your instructions. All you have to do is remember one telephone number 01 240 5805 and we will look after all your statutory requirements.

This commentary on certain provisions of the legislation is not intended to be a legal or comprehensive interpretation. Professional advice should be sought in specific circumstances. For further information on statutory requirements, or any provision of the Companies Acts, 1963 to 2001, please contact our Company Secretarial Department on:

Freephone: 1800 677 677 or alternatively you can e-mail us at formations@iccinformation.ie