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19/07/2002
Minister announces review of NI company law
Sir Reg Empey, Minister for Enterprise, Trade and Investment has announced a review of Northern Ireland company law.
The Minister's said that his department would proceed with the development, which follows a review of company law carried out in Great Britain, with the aim of "reducing the burdens on business, particularly small companies, by developing a modern regulatory framework that promotes fairness and sustainability".
Sir Reg added: "It is vitally important that our companies have the right environment within which to operate as Northern Ireland works to become a modern economy.
“My Department is currently developing proposals which will go out for public consultation later this year. I will be discussing the terms of reference of the review with the members of the ETI Committee.
"In essence the current legislation is not focused on small, private companies which make up the majority of firms in Northern Ireland. The ethos of this review is to simplify the legislation and to reduce duplication and unnecessary burdens on companies."
(MB)
The Minister's said that his department would proceed with the development, which follows a review of company law carried out in Great Britain, with the aim of "reducing the burdens on business, particularly small companies, by developing a modern regulatory framework that promotes fairness and sustainability".
Sir Reg added: "It is vitally important that our companies have the right environment within which to operate as Northern Ireland works to become a modern economy.
“My Department is currently developing proposals which will go out for public consultation later this year. I will be discussing the terms of reference of the review with the members of the ETI Committee.
"In essence the current legislation is not focused on small, private companies which make up the majority of firms in Northern Ireland. The ethos of this review is to simplify the legislation and to reduce duplication and unnecessary burdens on companies."
(MB)
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