Neale Richmond (Dublin Rathdown, Fine Gael) | Oireachtas source

This merits a further response and further discussion because the points have been well made by Deputy O'Reilly. It is important to remember that while certain insolvencies have attracted lots of negative headlines, and rightly so, most company directors want to do the right thing and they do their best accordingly.

In 2021, the ODCE noted its reviews of liquidation showed that in more than 90% of all liquidations, directors had acted honestly and responsibly, which is important to say.

In respect of the general environment, when a company becomes insolvent, it can be, as we know, an extremely anxious and worrying time for its employees, given employees are usually wholly financially dependent on their employers. They are considered before creditors in terms of wage arrears, outstanding holiday pay, pension scheme contributions and statutory redundancy, and these payments are paid ahead of ordinary and unsecured creditors. This preferential status already affords employees a level of financial protection. Where the employer is insolvent, the State will underpin the statutory entitlements of workers as creditors.

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