Solicitor and company law author Mr Thomas Courtney is to chair the new Company Law Review Group. The group, which was established by the Tanaiste and Minister for Enterprise, Trade and Employment, Ms Harney, last year, will review the Irish company law code.

It was set up on the recommendation of the McDowell report on the enforcement of company law. The group has been given a two-year agenda, which includes looking at how to simplify company law as it applies to small and medium-sized enterprises.

It will also look at the overall operation of company law, the governance of companies by directors and other officers and the utilisation and impact of new technology in company law.

The Tanaiste has also moved to establish an office of corporate enforcement and a special review group on auditors.

The Company Law Review Group has been established on an interim basis and will be placed on a statutory footing later this year. It held its first meeting this week and will shortly be advertising for submissions from interested parties.

In a statement yesterday, Mr Courtney said Ireland needed a company law regime for the 21st century. "There are some very interesting models for development in other jurisdictions and the group will give due consideration to the best way forward for Ireland. In particular, the group will strive to establish the optimum Irish legal model and form for small and medium-sized businesses."