U-turn on company law plan

TAOISEACH Bertie Ahern has announced a major climbdown on controversial plans to make company directors personally liable if their businesses fail to comply with legal requirements.

Mr Ahern said yesterday that recent changes to company law, which were due to take effect shortly, would instead be referred to a review group. The group will re-examine provisions governing directors’ compliance statements, which require directors to include a statement in their annual accounts confirming the business has complied with company and tax laws.

Directors would have faced fines or even jail terms if they failed to fulfil their obligations.