Minister Troy and Commissioner Breton discuss Single Market and indigenous digital companies
The EU Commissioner for the Internal Market, Thierry Breton, met representatives of indigenous small and medium digital companies to discuss their experience of the Single Market this week, coinciding with his visit to Ireland.
Representing the Irish Government, Minister of State with responsibility for Trade Promotion and TD for Longford Westmeath, Robert Troy, joined the event to hear of the key challenges facing Irish businesses as they look to expand across the EU market.
The meeting was an opportunity for the commissioner to engage directly with small and medium sized companies in the digital sector on their policy needs and on what does and does not work well for them as they trade across the Single Market.
Speaking after the event, Minister Troy said: “I believe that the commissioner and I have a shared desire to ensure that the Single Market is the best place to do business, where goods and services are traded easily without unnecessary obstacles, a market that fosters innovation and competitiveness, where small companies can grow and compete not just within the EU but on the global stage too.
“I am delighted that the commissioner came to Dublin and specifically asked to hear first-hand the experience of Irish businesses in the Single Market and of the areas where we need to pay more attention to improve it further.
“The EU’s recovery and success will depend greatly on the efforts of our SMEs – we must be sure to remember that as we shape policies and design new regulations.”
Rescue process for small and micro companies
Earlier this week, Minister Troy announced the commencement of the Companies (Rescue Process for Small and Micro Companies) Act 2021.
It makes the small company administrative rescue process available to all eligible small and micro businesses in the country.
Minister Troy said: “Ireland’s small and micro companies are the backbone of our communities and our national economy, but the last two years have seen a disproportionate and negative impact on them as a result of the pandemic. Throughout this period and to ensure their long-term survival, government prioritised policies to support a vital sector.
“A central part of that effort has involved a complete review of the restructuring and rescue mechanisms available to small companies in difficulty. This entailed a comprehensive review of the existing regulatory framework and an assessment of all available policy options.
“Arising from the review, we set ourselves the ambitious task of creating an entirely new procedure to address the specific needs of small companies. This work has been a personal priority since my appointment as minister, therefore I am pleased to announce the commencement of the new Small Company Administrative Rescue Process.”
The legislation provides a new simplified restructuring process for viable small companies which is more cost and time-effective, initiated by companies themselves, and commenced without the need for court approval.
Minister Troy added: “This rescue process is modelled on our existing examinership process and founded on a bedrock of well understood procedures and precedents. It is a simplified and effective process that I believe will give small and micro companies a genuine opportunity to restructure and continue to trade.
“If any small business is experiencing temporary difficulties but is fundamentally viable, I would encourage them to consider this process as a suitable option.”
Further information on the small company administrative rescue process is available at enterprise.gov.ie/RescueProcess.”