Peadar Tóibín (Meath West, Sinn Fein) | Oireachtas source

I move amendment No. 55:

In page 163, line 11, to delete “one, at least,” and substitute “a majority”.

I am sure the Minister of State will just agree to these amendments and reciprocate my good wishes. Amendments Nos. 56 to 58 deal with the bond of €25,000 in circumstances where there is no director resident in Ireland. A more realistic approach would be to set €25,000 as the minimum, 4% of company turnover or 2% of the wages bill, whichever is higher. A bond is particularly relevant in circumstances where an employee or employees are left with unpaid wages, which could be as much as two months' pay, plus redundancy. In those circumstances, it would fall back on the State to make those payments from the insolvency fund. These amendments, therefore, are designed to save the Exchequer money.

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