Seán Sherlock (Cork East, Labour) | Oireachtas source

Part 14 deals with stipulations relating to reckless behaviour by directors of a company and penalties are included in the Bill.

There are review clauses inherent in the legislation so that the company law review group can be involved. It is a statutory body and has a mandate to monitor, review and advise the Minister about existing company law and to make recommendations about its implementation and the introduction of new legislation. I do not think that necessarily answers the Deputy's question, but aside from the criminal activities, there are specific ways of punishing dishonest or irresponsible directors of insolvent companies and of protecting the public from further wrongdoing by such persons, namely by restricting or disqualifying directors. There are specific and robust proposals in regard to criminal sanctions, the jurisdiction of the courts, the role and responsibilities of the directors or persons involved in a company. Some of this is updating pre-existing law and consolidating it. I do not know if that answers Deputy Conaghan's query.