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

Photo of Damien EnglishDamien English (Meath West, Fine Gael) | Oireachtas source

I am not sure if there is any magic way we can deal with the concern but having come late into this process, I will discuss it with Ms Keane and Ms O'Dea to see if we can strengthen it. After the legislation, there may be other things we can do as well. I understand the Deputy's concern but I would also say to a lot of companies that it is important to have full professional advice when they are trying to produce a business rescue plan. Very often, some companies could benefit from that at an earlier stage, which is why we grant aid through the LEOs to encourage that. It is beneficial but the Deputy is right. It cannot be abused and there cannot be unnecessary costs. The Deputy wants to avoid an unnecessary burden caused by bringing in too many professional people at too high a cost. That is certainly something we can look at. I am not convinced it can all be dealt with in legislation but it is certainly something we can look at it. We will take a look at it with the team.

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