Cathal Berry (Kildare South, Independent) | Oireachtas source

Níl. I thank the Minister of State, Deputy Troy, for proposing this new legislation. As an Independent member of the Regional Group, I am broadly supportive of it. It is necessary, appropriate and timely for a number of reasons. The business sector is important not just for the economy but also for society. Small and medium-sized indigenous enterprises and our microenterprises are especially important because they contribute billions of euro to the Exchequer, which helps to support vital public services but, most important, those types of businesses help to support, protect and provide thousands upon thousands of jobs in each constituency in this country. We in this House should seize the opportunity to support the smooth running of businesses and enterprises during these turbulent times.

This Bill is more than just window dressing and routine housekeeping. There is good stuff in it. We need to regularise, normalise and codify in law the new remote working culture that has been recently foisted upon us as a result of the Covid-19 crisis. It is good that annual general meetings and extraordinary general meetings can now take place remotely, in whole or in part.

Businesses can continue necessary operations quite smoothly, which is very good.

People can now be present at meetings virtually, rather than just physically. The fact that a quorum can exist in cyberspace is important from a legal perspective. People can vote remotely at AGMs, provided normal precautions in terms of authentication are in play. That is all good stuff.

Many of those who hold small numbers of shares are retirees and some company directors are in their early 70s and would be quite vulnerable. Any mechanisms or measures we can introduce which will allow businesses to continue as normal, bearing in mind public health concerns, should be welcomed.

I support the measures on dividends in the Bill. A proposal in the Bill allows company directors to withdraw, withhold or reduce dividends at their discretion, even those that have already been announced. That is good because it allows businesses to maintain a cash buffer and reserve to see them through the stormy waters that are coming down the tracks. It facilitates cash flow. Giving company directors that level of discretion is a good thing and I encourage the vast majority of them, where appropriate, to consider taking that action.

The most important and progressive part of the Bill relates to the period of examinership which is currently set at 70 days. Examinership is an excellent way to provide core protection for small and large companies that are going through difficult periods and are still viable, but vulnerable. It allows them breathing space to trade out of their difficulties so that they can become a going concern on the far side. The Bill refers to increasing the examinership period to 120 days. The Minister of State mentioned today that it will be increased to 150 days, which is positive.

The fact that these measures will be in place until the end of the year is also very positive. I am in favour of putting them on a more permanent footing because, as I said, there is much that is good in the proposals. I agree that a phased introduction on an incremental basis is probably a good way to go. The fact that the Minister has, at his or her discretion, the opportunity to roll the measures over at the end of the year is also good. If the Bill is brought back to the House in the new year, I would be of a mind to support it and put some measures on a more permanent footing. As I said, because businesses are so important from a jobs perspective, as well as funding crucial public services through tax revenue, anything the House can do to support them should be considered.

I place on record my gratitude to the Minister of State, who is speaking on behalf of the Government, and the Opposition spokespersons present for the cross-party and unanimous support the Regional Group received last night for its proposal on perjury. It will make a significant difference to the cost of insurance. I am not suggesting for a minute that it is a panacea for all of the problems with insurance, because we all know there are other factors at play. It is, however, an opportunity to address one of the key components of rising insurance premiums, which has to be welcomed.

I look forward to working with the Minister of State and other Opposition parties to progress the perjury Bill over the next few months. As was said during yesterday's debate, we hope to get it on the Statute Book by 31 October.

See this speech in context