Peter Fitzpatrick (Louth, Fine Gael)

I welcome the opportunity to discuss this legislation. As an elected Deputy for the past 18 months, I have dealt with personal queries from distressed constituents throughout counties Louth and east Meath. From Laytown to Greenore, Clogherhead and Tallanstown, the message has been the same - people need to be able to see the light at the end of the tunnel.

As a businessman, I have seen the devastation that bankruptcy can cause for people and their families. I have witnessed business men and women suffering greatly, but not just in the urban areas of Dundalk and Drogheda. Small villages and towns like Dunleer, Collon, Ardee and Carlingford have all been host to greatly distressed business families. As a friend, I have attended some gruesome funerals, deaths that could have been avoided. I have consoled grieving families, widows and widowers. I do not wish to experience this anymore.

To fail in business is not a crime or a source of embarrassment, nor should it be a slur on one's character. As in life, what is unforgivable is not trying again. In my constituency, I have seen fabulous examples of people overcoming great adversity to come back stronger in their business, personal and sporting lives. Whether in life, business or sport, I never advocate lying down, but always encourage people to try again. Let me borrow a quote from the great Canadian ice hockey player Wayne Gretsky. He stated: "You miss 100% of the shots you don't take." Quite right. By not trying, you fail. If this country is to restore itself to greatness and economic prosperity, we need people who are prepared to try, are not afraid to fail and will not lie down. Great countries are made of people who will get back up and try again.

The current draconian legislation is preventing people from returning to business and trying again. They have an abundance of skills and knowledge that would be of great benefit to the business community, but they are excluded. They have displayed bravery in trying a new venture. We need more people like them. They should be applauded rather than ostracised. This Government is passionate about jobs and enterprise and this legislation is a strong step in the right direction. The Bill's implementation should ensure that people are encouraged to re-enter business and help to remove the irrational stigma associated with business failure. The Bill is a welcome addition and I commend the Minister, Deputy Shatter, on its detail.

The Bill will continue the reform of the Bankruptcy Act 1988, which began in the Civil Law (Miscellaneous Provisions) Act 2011. The critical new provision is the introduction of automatic discharge from bankruptcy, subject to certain conditions, after three years in place of the current 12 years. This provision is noteworthy and has captured much media attention, but another of the Bill's aspects is worth additional emphasis. The Bill makes it clear that those persons experiencing debt difficulties must primarily engage with their lenders to negotiate appropriate settlements. This is crucial, as the Bill does not simply provide an out for those in financial arrears.

As a result, the Bill does not lose sight of the objective, which is to introduce reformed, workable and balanced insolvency legislation. Such legislation is a requisite feature of any properly functioning economy. The Government is firmly committed to the introduction of same. The Bill will assist not only debtors and financial institutions, but also all forms of traditional commerce. All debtors and creditors are concerned by this reform, thus it is far reaching and all encompassing. The Government is committed to treating everyone fairly.

The underlying philosophy of the debt settlement arrangement and personal insolvency arrangement is that the insolvent debtor will, with the assistance of a personal insolvency practitioner, make what he or she considers to be a realistic offer to his creditors, one that will restore the debtor to solvency within a reasonable period while giving creditors a better financial outcome than the alternatives of debt enforcement and bankruptcy. This is a win-win for both sides.

I cannot emphasise how important this legislation is to the wider business community. It is a great addition to the Statute Book and I have no hesitation in commending it to the House.

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