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

This is good legislation. It achieves what we set out to achieve and is largely based on an internationally recognised examinership process that the world will look at and say is good. Perhaps it could be improved slightly, but it will achieve our aspirations if we enact it before the summer recess. The purpose of that is to save companies and protect jobs. Our domestic economy contracted by 5.5% in 2020. The companies dependent on this legislation being enacted need it now. We are looking at companies that support 788,000 jobs in this country, that employ fewer than 50 people and that have a turnover of less than €12 million per annum. They need help and support. They have got it through various funding mechanisms and supports over the past 18 months, but as we come out of this pandemic, reopen the economy and supports are tapered off, these companies need the ability to restructure. This Bill is about giving those companies the ability to restructure.

I said quite clearly and honestly in my opening statement, and perhaps I was too honest, that we do not have the time to accept this amendment. However, I accept the bona fides of the Deputy and I have given a commitment to work with her when we return later this year. If we can enhance this legislation, we will do so then. However, let us not forget who we are trying to help. We are trying to help small and micro companies which are currently supporting 780,000 people in jobs. A previous government was able to bring in an internationally recognised examinership process in a week. Surely, after 12 months, and the significant work that has gone in by officials in my Department and the Office of the Attorney General, which Deputy O'Reilly has acknowledged, we can enact this legislation. I am just asking that we enact it before the summer recess. If there are places where we can amend and improve it later in the year, we will do that, but let us not ignore companies that need it now. Companies called for this in 2011 and from 2012 to 2020. I was not in a position to do anything in those years but I am now. I made it a priority and I do not apologise for it.

See this speech in context