“We want local companies passing through financial difficulties to undergo a successful recovery process,” Finance Minister Edward Scicluna said earlier today, during the launch of a consultation process on the proposed amendments which will be introduced to the relevant provisions of the Companies Act.

Addressing the MCESD forum, Professor Scicluna said “the reason behind these amendments is to update our legislation on recovery procedures related to registered commercial companies.”

The amendments will be strengthening the concept of giving a second chance to companies so that they remain viable and thereby safeguard employment.

Following a period of consultation, the amendments to the Companies Act will be presented to Parliament.