Niall Collins (Limerick, Fianna Fail) | Oireachtas source

I move amendment No. 109:

In page 65, lines 3 to 5, to delete all words from and including "representing" in line 3 down to and including "voting" in line 5 and substitute the following:

"representing not less than 50 per cent in value of the creditors present and voting".

This concerns the old chestnut of the banks wielding undue influence in voting power at a creditors' meeting. It is right and proper that we should seek to lessen the influence of overly dominant creditors with a consequential weighted vote that an organisation may have at such a meeting. It would be right to reduce it to a simple majority in order to lessen the impact of a particular creditor. The amendment would reduce the voting value in question from 65% to 50%.

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