306. Deputy James O'Connor asked the Minister for Enterprise, Tourism and Employment if he will outline a timeline on when his Department will publish the general scheme of a Bill to update the Limited Partnerships Act 1907 to the Oireachtas committee for pre-legislative scrutiny; and if he will make a statement on the matter. [49117/26]

Government approval was received in July 2024 for the drafting of a Bill to modernise the limited partnership regime. A General Scheme, comprising 6 Parts and 52 Heads, has been published on the Department of Enterprise, Tourism and Employment website. The proposed legislation will repeal and replace the Limited Partnerships Act 1907 and the Registration of Business Names Act 1963.

Following the Government Decision in July 2024, the General Scheme was submitted to the Office of the Parliamentary Counsel (OPC) for drafting, and my Department continues to engage with the OPC on the Bill on an ongoing basis, and having regard to Government legislative priorities

The General Scheme was previously submitted to the Joint Committee on Enterprise, Trade and Employment (as it was then named) in 2024, and was scheduled for pre-legislative scrutiny, which did not take place due to the dissolution of the Dáil in November 2024.

The Bill is currently included on the Government’s Legislative Programme under “Other Legislation”, and in the intervening period, my Department has carried out further detailed policy research and has engaged with stakeholders, including stakeholders who are active users of both the limited partnership framework and of enterprise funding structures, to inform the ongoing development of the new Bill. A public consultation is planned over this summer on a number of potential policy measures developed following this research and engagement. These potential measures, which are informed by Ireland’s competitive position compared to similar limited partnership structures in other jurisdictions, relate to partner number limits, a white-list of activities limited partners can engage in, and access to capital by limited partners. A policy position on these measures will be informed by the outcome of the consultation process. Should it be decided to proceed with any such measures, the General Scheme will be revised as appropriate in advance of re-submission for pre-legislative scrutiny during the second half of this year. Subject to the completion of drafting, it is also intended to introduce the Bill to the Oireachtas in the second half of this year.

The Bill will establish a modernised framework that strengthens transparency, enhances regulatory oversight, and ensures the regime is fit for contemporary enterprise needs. The objective of the reforms under consideration is to facilitate investment and improve ease of doing business, while maintaining appropriate safeguards which were already contained in the General Scheme, such as enhanced transparency and strengthening of regulatory oversight. This will be achieved through additional information and reporting requirements, enhanced powers for the Registrar which are aligned with those that apply to companies, to protect the integrity of the registers, and strengthened enforcement and compliance provisions, while retaining the core characteristics of the limited partnership structure.