Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

However, the section provides that on the application of the liquidator or any creditor of a contributory company that is being wound up, the court, if it is satisfied that it is just and equitable to do so, may make an order. The legislation sets out the various issues which the court will examine, including the extent to which the related company took part in the management of the company being wound up, the conduct of the related company towards the creditors of the company being wound up and the effect which such order would be likely to have on the creditor of the related company concerned. There is, therefore, provision in the law, as the Deputy knows. The issue now is that the liquidation is in progress. As the Minister of State, Deputy Nash, said in his report, it would not be appropriate at this point to comment on the application of such a section in an individual case. However, the section is in place. Clearly, I am not the judge who will make a judgment in respect of its provisions.

As I said earlier, I will closely monitor the developments in this case and evaluate their impact on the adequacy of Irish company law. I did not make, as the Deputy sought to infer, any categorical statement about the adequacy of existing company law. We will watch the testing of this important provision.

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