Irish Economy: Small private companies will
be able to apply directly to the Circuit Court to have an examiner appointed, in
a move which will make it cheaper and easier for viable businesses to
restructure their debts, Richard Bruton, minister for jobs, enterprise and
innovation, announced today.
The minister announced his intention to amend the Companies Acts to facilitate
the change through a measure to be contained in the upcoming Companies Bill,
scheduled for publication before the end of 2012 and enactment by the Oireachtas
after that - - maybe by end 2013?
These changes will affect small private companies,
meaning companies that satisfy two out of the three following conditions:
- Balance sheet not exceeding €4.4m;
- Turnover not exceeding €8.8m;
- Number of employees not exceeding 50.
Bruton’s announcement comes as part of the
Government’s "continuing consideration of measures to help address the issue of
Bruton commented: “Small businesses employ over a third of all people working in
Ireland today, and a major part of the Government’s Action Plan for Jobs is
aimed at supporting the growth of this sector. We are putting in place a
streamlined support service for small and micro-businesses through reforms to
the CEBs (county enterprise boards) and local authorities. We have put in place
a range of new funding mechanisms for SMEs including the €90m microfinance
scheme and the €450million credit guarantee scheme.
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