The ministry of finance on Tuesday announced a competition with an estimated value of €2 million for the preparation of a modernised bill and regulations of the outdated companies law.
with the aim of improving business and the competitiveness of the economy.
The announcement of open tender for the project, which is included in the Recovery and Resilience Plan, has been approved by the ministerial council. The closing date for the submission of tenders is May 26, 2023, at 14:00.
The purpose of the reform initiative is to improve business and economy competitiveness taking into account international best practices in the field of company law, the ministry of finance stated in its announcement.
According to the announcement, the initiative is the outcome of collaborative efforts between public and private bodies including the ministry of energy, trade and industry, the registrar of companies and official receiver, the legal service, the commissioner of legislation, the association of certified public accountants of and the bar association.
The ministry of finance emphasised that the modernisation of company law is a priority of the government as the existing legislative framework is based on the 1948 British Company La
[THIS] outdated legal framework must be updated and adapted to the modern needs of the business environment, in response to domestic and international legal requirements, the announcement states.
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