Oireachtas Joint and Select Committees

Tuesday, 15 June 2021

Joint Oireachtas Committee on Jobs, Enterprise and Innovation

General Scheme of the Companies (Small Company Administrative Rescue Process) Bill 2021: Department of Enterprise, Trade and Employment

Deputy Damien EnglishThere are two pieces in that regard. As Deputy O'Reilly is aware, statutory entitlements are protected in any of these processes if they are not paid out by the company. That is clear in law. I accept there is an ongoing debate about strengthening that provision and we are happy to continue the discussion in that regard. Employees are among the creditors who must agree to the rescue plan. They are very much involved in this process, which they should be in all cases, because they are a major creditor as well. Unless I have missed it – my officials might want to clarify this – there is no enhancement of the statutory rights of employees yet. We are engaged in a conversation on that process. Part of the plan of action is to strengthen the information around employees as creditors and that was part of the process of engagement with the committee and the discussion on the Duffy Cahill report and other reforms as well. The entitlements have not changed in this Bill.

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