Companies Registration Office upgrade

ADDITIONAL staffing and the proposed appointment of a chief executive and a legal affairs officer for the companies office were announced by the Minister of State at the Department of Enterprise and Employment, Mr Pat Rabbitte, yesterday.

He made the announcement at the official opening of Commerce House, Parnell Square, Dublin, which will now house the Companies Registration Office (CRO), the Registrar of Friendly Societies and the Competition Authority.

Staffing at the CRO will be increased from 90 to 120. A £1.2 million new technology in vestment programme is to be completed by the end of the year, Mr Rabbitte said. The massive increase in the workload of the CRO in the past few decades had not been matched by increased resources, he said.

A rescheduling of the fees charged by the Office is to put the office on a strictly selffinancing basis. This follows an EU ruling that the CRO must provide its services on no more than a cost recovery basis.

Mr Rabbitte said he hoped the series of measures which had been approved would lead to a more satisfactory service for the public. Compliance by companies with the requirement to file "basic and limited information" with the CRO was central to economic life.

The Minister said he had received government approval for a general scheme for a Companies (Amendment) Bill which will deal with the reform of the law of examinership, new rules for small firm audits, and the problem of the Phoenix Syndrome.

Mr Rabbitte said his decision in relation to examinership will clearly prove controversial". He has decided not to introduce changes sought by the banks and recommended by the Company Law Reform Group. The changes sought would allow banks set off monies owed by a company against monies held by the banks belonging to the company.

Mr Rabbitte said he had taken a similar decision in relation to "big ticket" leasing companies but in this case he would be willing to explore the issue during preparation of the bill.

A source said that the incoming Government, if it was to take a different decision in relation to these issues, would have to give its reasons for doing so.