Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

I appreciate what Deputy O'Reilly is saying and I see where she is coming from. If I was on that side of the House, I might be saying the same thing. As Deputy Bruton said, we have done a lot of work in the Company Law Review Group and preparatory work in terms of engaging with experts in this field, and we had a public consultation. I appreciate the co-operation of the committee in facilitating the waiver of the pre-legislative scrutiny.

To be fair, the Opposition saw the benefit of doing that and the benefit was that this legislation could be enacted before the summer recess. The reason we want it enacted before the summer recess is to ensure it is available to small and micro companies with fewer than 50 employees. I have no doubt the Deputy has the same intention as myself and all Members of the House, which is to protect companies. We want to ensure companies that have come through 18 horrendous trading months and that need to restructure in July, August or September of this year, before we come back after the summer recess, can do that. By enabling them to restructure, we are not only saving the businesses, but we are saving the jobs that are dependent on them.

I hope the Deputy will accept my sincerity when I say I will work work with her. If there are other areas that we identify today, we can come back later to enhance the legislation. It would not be the first time we had to bring in amending legislation at a later stage to enhance something that had come through the Dáil. The point I would make is that a lot of this is coming on the back of the examinership legislation, which is internationally recognised as a very good model for companies that need to restructure. The problem with examinership is that the cost can be prohibitive for many small companies. This has been called for over a period of years, long before Covid-19 hit our shores. It is right and proper that we get it done before the summer recess.

I would make the point to Deputy Ó Ríordáin that I will not be rejecting all amendments just because we do not have time. We will be rejecting some amendments and I will outline the rationale when we come to them.

This has merit. It warrants further consideration and I have committed that we will do that.

See this speech in context