The Gazette 1983

INCORPORATED LAW SOCIETY OF IRELAND GAZETTE Vol. 77. No. I.

JANUARY/FEBRUARY 1983

In this issue . . .

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3 • • • Keeping Better Company T HE recent statement by the Minister for Trade, Commerce and Tourism that his Department were D preparing legislation to be introduced before the end of the year to reform Irish Company Law will not have assuaged the many critics from a broad spectrum of public and 9 financial interest who have been pressing for reform with increasing urgency. The principal aim of the proposed legislation is apparently to protect the interests of workers directive. It is to be hoped that the legislation will, when it is introduced, be seen to be of a more comprehensive nature than this. Whatever pressure the Department may be under to implement EEC directives it is more urgent to try to cure the more obvious defects in our present Company Law. Lack of opportunity will be no excuse as the Department will be introducing Bills to implement both the second and fourth company law directives within m o n t h s The protection of the interest of workers in failed enterprises is clearly a laudable aim. So too would be itors even if this means the dilution of the rights of secured creditors or the , State in its capacity as a preferred creditor. It has been tQ secured creditors has encouraged such creditors to take too httle interest in the day to day running of their debtor J ° companies. It also appears, that the Revenue Commissioners have been less than zealous in their collection of taxes, including V.A.T. and P.R.S.I. contributions in particular, from companies which have subsequently failed. Reliance on their preferred status has proved misplaced in many cases, only the secured i n c o m p a n j e s w h i c h fail — in implementation of an EEC 19 ^ n e x t t w d v e ™ e n h a n c e d p r o t e c t i o n f o r o r d i n a r y cred 21 ^ ^ ^ ^ ^ ^ p a g e s ^ ^ p r o t e c t i o n ^ oo 22 J "Using the Revenue as an extra Bank", has become too common a saying about failed Irish companies. Another great mischief which requires to be tackled is the ease with which those who control companies which have collapesed under suspicious circumstances leaving substantial debts are able to set up again in business through the medium of a new company. Persons who have had a significant element of control over companies which llapsed, should not be permitted to play any significant part in the promotion of or serve as a director to any new company for a period of, say, 5 years afterwards. It was disappointing to hear Mr. Lawrence Crowley the well known Receiver and Liquidator in advocating h a v e s o co creditors recovering anything.

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the Irish Church Act, íoov

General Valuation Dept

Solicitors' Remuneration General Order, 1982

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Annual General Meeting, 1982

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Tax Implications of Marital Breakdown

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Correspondence

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Revised Income Tax Appeal Procedures

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Professional Information

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Acts of the Oireachtas, 1982

E x e c u t i ve E d i t o r: Mary Buckley

Editorial Board: Charles R. M. Meredith, Chairman

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John F. Buckley Gary Byrne William Earley

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Michael V. O Mahony Maxwell Sweeney

Advertising:

Liam Ó hpisin, Telephone 305236

The views expressed in this publication, save where other-wise indicated, are the views of the contributors and not necessarily the views of the Council of the

Society.

(Continued on P. 18) 3

Published at Blackhall Place, Dublin 7.