Minister for Finance, Prof. Edward Scicluna noted that 3,800 new
companies have been registered by September 2016, bringing the
total number of registered companies up to around 50,000.
Speaking at the Annual Company Law Conference organised by the
Department of Commercial Law within the University of Malta, the
Malta Law Academy, and the Chamber of Advocates, Minister Scicluna
said over 1,000 companies participated in local mergers during the
last 5 years, with 55 Maltese companies being involved in
cross-border mergers. Furthermore, this, he said, bears testimony
to the vibrant landscape of the local limited liabilitiy companies,
which are the prime set-up used by entrepreneurs and investors who
undertake commercial activities.
Minister Scicluna commented about the importance of local
practitioners to keep up with the ever-evolving body of corporate
law emanating from the EU, including the fourth EU Anti-Money
Laundering Directive and the Directive regarding Business Registers
Interconnection System (BRIS). Minister Scicluna also noted the
EU's initatives aimed at enhancing effective administration of
cross-border insolvency proceedings and establishing a common
framework for the benefit of all stakeholders. This, he said,
"involves the setting up of an insolvency register to improve
access to information for creditors and courts and to prevent the
opening of parallel insolvency proceedings. In particular, the
Regulation provides for the creation of a central European database
and national electronically searchable databases to be linked
The Minister for Finance explained that government will be
revising Article 329B of the Companies Act, which concerns the
company recovery procedure, in order to introduce innovative
measures to help enterprises recover from insolvency and to give a
second chance to honest entrepreneurs who have been plagued by
The conference was chaired by Dr David Fabri, Head of the
Department of Commercial Law, within the Faculty of Laws,
University of Malta and was attended by distinguished guests from
the local legal community.
(Press release issued by the Ministry of Finance)
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