Paul Gavan (Sinn Fein)
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I thank Mr. Moyne. That is a useful point to add. Sinn Féin welcomes many aspects of the legislation. We are passionate about co-ops. We have a policy document that has been well developed for a few years. The legislation does not specifically deal with instances of succession planning, liquidation, administration or the sale of companies. Given there are large numbers of people expected to retire in the years ahead, we hope the legislation will give consideration to the transfer or sale of companies to worker co-operatives, as has been done in Scotland, France, Italy, Spain, etc. Studies in France, Canada and Australia have shown that well over 50% of SMEs in the next ten years will face the challenge of succession. This is an issue which will undoubtedly affect business in Ireland, where family businesses represent up to 90% of the indigenous business sector and provide around 50% of employment. In 2014, the French Government decided to introduce measures to facilitate the process of an employee's request to buy their own workplace through the worker co-op buy-out model. Do the witnesses see the failure of this draft legislation to deal with instances of succession planning, liquidation, administration and sale of companies as a missed opportunity?