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Minister Bruton must address gaps identified in Companies Bill – Peadar Tóibín TD

1 April, 2014

Sinn Féin spokesperson on Jobs, Enterprise and Innovation, Peadar Tóibín TD, has called on Minister Richard Bruton to address gaps identified in the Companies Bill when the legislation reaches the Seanad over the coming weeks.

Speaking today in the Dáil, the West Meath TD said:

“Modernising company law is a positive move and also an opportunity to introduce long awaited reforms that will make it easier to do business in Ireland.

“Government’s failure to properly review the role existing company law played in the economic and financial crisis before introducing the Companies Bill is a cause for concern. It was an opportunity lost, but one that can be corrected.

“It is Sinn Féin’s view that the legislation is not sufficiently robust in the areas of Directors’ compliance statements and responsibilities’. Language is vague and in some instances watered down from earlier drafts of the legislation.

“By removing the objects clause, companies will be given a legal personality that could possibly undermine and conflict with employees’ rights and protections.

“The government should take this opportunity to end the practice of Irish registered non-resident companies. This loop hole allows highly profitable multinationals use Ireland to evade much needed tax and it significantly reduces Ireland's standing internationally".

“Insolvency and winding up provisions do not sufficiently protect employees and smaller suppliers and those seeking redress must be allowed do so through the lower courts system.

“Concerns also remain regarding auditors compliance and there is a worry that government has not learnt the lessons from this sectors role in the banking crisis.

“Over the coming weeks, the Companies Bill will make its way through the Seanad and this provides an opportunity for the Job’s Minister to introduce amendments addressing the identified gaps in the legislation.

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