The legislation, which comprises 952 sections and six schedules on over 1300 pages of text, is expected to represent the largest piece of legislation in the history of the State when complete. It is the most significant reform in Irish company law since 1963, and consolidates the 15 existing Company Acts as well as a significant number of statutory instruments and judgements.
Announcing the publication, Minister Richard Bruton stated: “I have consistently said that if we are going to get the economy growing and if we are going to create and protect jobs, we must focus on: reducing costs to businesses, improving access to finance and encouraging R&D and innovation.”
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He continued: “This reform, like many others announced recently by my Department, will have a significant impact on reducing business costs. After these reforms are enacted, for example, it will now be possible for a person to start a business without needing to find a second director. Small businesses will no longer have to go to the expense of holding a physical AGM every year. The burden of company legal documentation will be greatly reduced. And crucially, it will be easier for business-owners to find out the nature of their legal rights and duties and will reduce the need consult with lawyers.
“I commend all those involved for their work in the area, and I am determined to press ahead to complete these reforms so that Irish businesses can benefit from them as soon as possible.”
Minister Bruton decided to publish Pillar A of the Bill in advance of the completion of drafting of the entire Bill in order to allow people and businesses who will be affected to prepare for the changes made by the legislation. It is expected that the remainder of the Bill will be published in 2012, with speedy enactment thereafter.
(BMcN/GK)
