New legislation aimed at easing the regulatory burden on co-operatives has been welcomed by NABCO, Ireland’s national federation for the co-operative housing movement.
The Friendly Societies and Industrial and Provident Societies Bill 2013 (link here) will ease some of the regulatory burdens on co-operatives, including time available to file returns, and provides co-operatives with access to examinership, which had previosuly only been available to companies.
NABCO Chief Executive Niall O’Keeffe said: “this new Bill starts the process of levelling the playing field between companies and co-operatives. Co-ops were identified in the Programme for Government as having a major role to play in promoting social and economic development and the legislation will facilitate them in performing that function.
“NABCO has a forty year heritage of promoting the co-operative model. Now, more than ever, we are determined to support co-operative social enterprise as a solution to Ireland’s current social and economic crisis. This Bill represents a positive start but Government can and should do more co-operatives as a sustainable alternative to the current business model.”