Joe O'Reilly (Cavan-Monaghan, Fine Gael) | Oireachtas source

I congratulate my good friend and colleague, Deputy Willie Penrose, on his courageous and far-seeing work. He pioneered the Bill which is his achievement. He has been working on it for a long time and brought all of his professional skills to it. Well done to him for this reforming and excellent legislation.

There are three reasons the Bill is good. First, it will encourage creditors and banks to engage more with debtors in voluntary arrangements. This will be its greatest achievement in that the banks, faced with the prospect of having to allow bankruptcy, will engage with people in a meaningful and proactive way and people will have a chance to restructure loans and work them out. Second, it will reduce bankruptcy tourism. Where I live along the Border there are many people who travel to Northern Ireland to be declared bankrupt. There are also many people who travel abroad. Third, the Bill will allow people a second start. This is very much part of the culture in America and other countries in that people who fail once are not deemed to be a lifelong failure. The likelihood is that their failure will educate and give them the wherewithal to succeed a second or third time. The risk is that the Bill will make bankruptcy an attractive option, but it never will be. In a small country like Ireland people will for trading purposes try to avoid bankruptcy and the opprobrium that goes with it. The disincentive to enter into bankruptcy remains but the advantages to be gained in getting people out of it quickly will be achieved.

It is a great achievement on the part of Deputy Willie Penrose to pioneer the Bill which will have massive advantages for the economy in future years. I support it and applaud my colleague for his pioneering work.

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