Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

The presentation of a petition to wind up a company is an important tool for subcontractors and suppliers. It provides a means for them to seek compensation in the event of non-payment. Similarly, it is an important indicator of a company's financial standing. I have been advised, therefore, that the definition included in the Bill covers the appropriate level of insolvency situations. This is one of a number of indicators used in all public contracts as a gauge of a company's financial standing.