Oireachtas Joint and Select Committees

Tuesday, 9 June 2020

Special Committee on Covid-19 Response

Reopening the Economy: Supports for Business

Mr. Neil McDonnell:

I will take those on. This is an ISME proposal. It is funny to look at these recessions. My predecessor, Mark Fielding, was out eight years ago looking for this in the previous recession. It went nowhere and here we are again with a massive business challenge. As for the cost of examinership here, we have a great, internationally admired regime, but it is so expensive that only about 2,000 or 3,000 businesses out of 270,000-odd can afford it. We, therefore, need to make that much simpler and cheaper to access. The amendments the Company Law Review Group is looking at now seek to explore how examinership is done during a pandemic. We are trying to straighten some of those out now, but I am glad to say there is a medium-term, two- to three-month process in getting examinership lite. Perhaps if the Deputy asks me again in October or November-----

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