Louise O'Reilly (Dublin Fingal, Sinn Fein) | Oireachtas source

That is fine. I thank the Cathaoirleach Gníomhach for the opportunity to speak today. The Bill at hand makes some important changes in the area of personal insolvency and to how supports operate. While it might seem technical in nature, the reality is that the legislation will have far-reaching consequences for those who may end up in the terrible situation of being indebted. This Bill, therefore, is important legislation, and even more important in the context of the pandemic. The twofold crisis of personal debt and small business debt is an issue hanging over this State like a dark cloud. As legislators and as decent people, we have to be aware of this crisis and do all within our power to help people and businesses that have run into difficulty, especially when as a result of the pandemic. The changes in this Bill are welcome in that regard but there is more that can, and should, be done, especially with regard to the debts of small and medium enterprises and small family-run businesses. These SMEs have collectively warehoused more than €1 billion in tax liabilities. Many also have commercial rent arrears and bank debt. All of this is in addition to the owners' personal debts because, as the Minister of State will be aware, business debt does not accumulate in a vacuum but is often accompanied by personal debt.

This matter needs resolution and perhaps the best way to find solutions would be through a forum on debt which would be inclusive of all stakeholders. We should look to the state aid our European counterparts provide to help businesses. For instance, in Sweden and other places, arbitration models for rent arrears have been introduced. I am not trying to be prescriptive because there are many models which could be considered and every state is different but the fact of the matter is that Ireland is ranked last in the European Union with regard to the amount of state aid provided to help companies deal with the pandemic in 2020. This is just food for thought for the Government, which claims to be a great supporter of enterprise while, on the basis of the metric I have just described, being the worst in the European Union. I therefore encourage the Government to look at small and medium enterprises and small family-run enterprises and to consider a debt forum so that ideas can be considered and solutions agreed to in order to save both jobs and businesses.

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