Struggling small businesses can soon save on legal fees by applying for examinership in the Circuit Court rather than the High Court.
The Companies Registration (Miscellaneous Provisions) Bill 2013 will, allow small businesses to apply for examinership in the Circuit Court where legal fees are on average 30 per cent lower than in the High Court, according to the Department of Justice.
Other provisions contained in the Bill include a measure aimed at reducing the cost of compliance for businesses by making it easier to file statutory accounts online.
The bill was was published today by the Minister for Jobs, Enterprise and Innovation, Richard Bruton and Minister for Small Business, John Perry.
Minister Bruton said that this is a measure aimed at supporting businesses with potential for growth and job-creation, but who are being held back by legacy debt problems associated with the crisis.
Publishing the legislation, the minister said: “Small businesses are central to our growth and jobs plans. They employ over a third of all people at work in Ireland".
He said that many of these businesses have great growth potential, but face legacy debt problems after the crisis, due to factors such as bad property investments, unsustainable rents, and the legacy of a number of difficult years of trading.
Todays bill will mean that it will be cheaper and easier for businesses to restructure their debts and give them a greater chance of overall survival.
“This is part of a programme of measures which we are putting in place through the Action Plan for Jobs to support SMEs, including for example a streamlined support service for small and micro-businesses with the establishment of the local enterprise offices," Minister Bruton said.
Other measures will include a range of new credit schemes totalling more than €2billion in new funding for businesses.
My Purple Chair
The My Purple Chair title was born from my favourite place to sit and think about what's happening in the world. It's old but comfortable. So i suppose it's a bit like myself!