Thousands of business people progressively embarked on business enterprises that were well researched and thought out but they could not possibly have factored in the calamitous collapse in their business fortunes brought about by the worst recessionto rage across this country since the Wall Street crash of 1929. We are now part of the global economy and our legislation must keep pace with progressive legislation relating to financial matters in the greater economic environment in which we operate. We must look to Europe, including the United Kingdom, and America and reflect the means by which they deal with insolvency. These are our trading partners and it is to them we must turn when seeking inward investment. We must have a business model in Ireland agreeable to and reflective of the trading partners we hope to attract and on whom we rely in the day-to-day functioning of commerce.

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