Minister Kelleher Publishes 2008 Companies Report

The Companies Report 2008 was published today, 31^st July 2009, by Mr. Billy Kelleher T.D., Minister for Trade and Commerce

Minister Kelleher said: “The 83^rd Companies Report has been modernised and streamlined to take account of the online environment in which it will be predominantly read with direct links to the Annual Reports of the Company Law enforcement bodies replacing the synopses of their activities that was included in previous years.

The following items are highlighted in the Report:

• According to the World Bank Report “Doing Business 2009” Ireland ranks fifth out of 181 economies surveyed in terms of ease of starting up a business. The Companies Registration Office plays a key role in this achievement and consistently met its company incorporation schemes targets in 2008. The Office also exceeded its target of having 90% of companies up to date in filing annual returns.
• The Report of the Office of the Director of Corporate Enforcement (ODCE) highlighted a number of significant results for his Office during 2008 including the first conviction of a company director for knowingly using company assets in breach of the legal restrictions on the giving of loans to directors. The Office also published a detailed Company Law Handbook/Guidance on Property Management Companies to help improve their governance.
• During 2008, the work continued on the drafting of the Companies Consolidation and Reform Bill. It is envisaged that substantial progress towards the completion of drafting will be made by late 2009. This development marks a very important milestone in carrying through the most significant reform and consolidation of Irish company law since the Act of 1963. This Bill will cover all aspects of Company Law including the incorporation of companies, corporate governance, financial statements, windings-up, compliance and enforcement.

Minister Kelleher said: “Irish Company Law governs how Irish companies do their business, how they communicate with shareholders and other investors and how they deal with creditors and other stakeholders. Since the first Irish Companies Act in 1963 Irish Company Law has been updated and refined on a regular basis to meet the demands and practicalities of the dynamic Irish, and indeed, international corporate environment.

“This ongoing process has led to the current Companies Consolidation and Reform Bill. This major piece of legislation will consolidate the existing 14 Companies Acts, as well as other regulations and common law provisions relating to the incorporation and operation of companies, into a single Act, comprising over 1260 sections. The Bill is intended to improve Ireland’s competitive position as a location for business investment through the modernisation and reform of the law”, the Minister concluded.

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