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Work Programme


Work Programme 2020-2022

1. Consider the Companies Act in the context of creditors’ rights under the following headings:

  • Review whether the legal provisions surrounding collective redundancies and the liquidation of companies effectively protect the rights of workers.
  • Review the Companies Acts with a view to addressing the practice of trading entities splitting their operations between trading and property with the result being the trading business (including jobs) go into insolvency and assets are taken out of the original business.
  • Examine the legal provision that pertains to any sale to a connected party following insolvency of a company including who can object and allowable grounds of an objection.

 

2. Provide ongoing advice to the Department of Enterprise Trade and Employment on potential amendments to company law in light of the Covid-19 pandemic and the consequent effects on companies’ administration, solvency and compliance with the Companies Act 2014.

3. Provide ongoing advice to the Department of Enterprise Trade and Employment on the migration of participating securities in light of Brexit, and any consequential company law amendments arising.

4. Examine the possible impacts of the increased use of Artificial Intelligence in the context of the Companies Act 2014, with particular regard to corporate governance matters.

5. Provide ongoing advice to the Department of Enterprise Trade and Employment on request in relation to EU and international proposals on company law.

6. Examine and make recommendations on whether it will be necessary or desirable to amend company law in line with recent case law and submissions received regarding the Companies Act 2014.

7. Review the enforcement of company law and, if appropriate, make recommendations for change. 

8. Review the CLRG’s recommendation from its 2017 Report on the Protection of Employees and Unsecured Creditors’ in relation to “self-administered liquidation” and make further recommendation as to how this might be implemented.

9. Review the obligations outlined in relation to the directors’ compliance statement in the Companies Act 2014, and, if appropriate, make recommendations as to how these might be enhanced in the interest of good corporate governance.

On 8 July 2020, the Tánaiste wrote to the Chairperson requesting that the Review Group should:

  1. Examine and make recommendations as to how the statutory scheme of arrangement provisions of the Companies Act 2014 might be adapted to provide a rescue framework for SMEs.
  2. Examine and make recommendation as to ways in which key elements of the examinership process, including a stay on enforcement proceedings and a cross class cram down, might be incorporated into a rescue framework for SMEs.
  3. [Examine] Other EU Member States provide for voluntary restructuring processes, with a strong emphasis on creditor agreement. Examine and make recommendation as to whether such a process is desirable in an Irish context with particular emphasis on the French framework (mandate ad hoc procedure).
  4. Any other recommendations the CLRG consider appropriate.

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Our Mission

The goal of the Company Law Review Group is that Ireland should have an efficient world-class company law infrastructure. To that end, the Review Group seeks to promote enterprise, facilitate commerce and encourage commercial probity.