Peter Burke (Longford-Westmeath, Fine Gael) | Oireachtas source

Amendment No. 216 seeks to replace provisions relating to receivership or examinership. If I understand correctly, the intention behind this amendment, as was the case with amendments Nos. 210 and 213, is to facilitate continuity of activities, for example the continued operation of a ferry port, while the financial considerations are ongoing. I can appreciate why these measures appear practical. However, we must oppose them. The circumstances where companies enter into receivership and examinership do not generally arise overnight. These automatic termination provisions will act as a statutory cliff edge to incentivise early action on the part of MAC holders, for example, securing additional financial partners or a joint application for assignment of the MAC to another entity. Receivership and examinership can be complex and litigious. This automatic termination provision places the State in a strong position in such circumstances. The control of the property remains in the hands of the MARA and will be administered in the best interests of the State. The MARA will act reasonably in such circumstances and as a practical matter would not trigger enforcement action or the rehabilitation schedule pending the outcome of the financial processes. A new MAC application could be made.