Results 9,601-9,620 of 13,254 for speaker:Seán Sherlock

Seanad: Report on Grocery Goods Sector: Motion (20 Nov 2013)

Seán Sherlock: I thank the Cathaoirleach for his invitation to address the House in regard to the recently published report of the Oireachtas Joint Committee on Agriculture, Food and the Marine entitled Report on the Grocery Goods Sector - Increasing Equity and Transparency in Producer-Processor-Retailer Relationships. The Minister, Deputy Richard Bruton, cannot be here today to contribute to the debate as...

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: As a proud Munster man, we have a fairly stout record against the All Blacks but I will revert to the Senator on that.

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: I wish to clarify that we will bring forward on Report Stage a consequential amendment to the Long Title of the Bill to take account of the amendments being made to the Personal Insolvency Act 2012 and the Bankruptcy Act 1988.

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: I do not propose to accept the amendment as it would not be appropriate for a party which is not privy to a legal action to be required to pay any costs in regard to that action. Cost in any court action are determined by the courts and they fall to be discharged by the parties involved in that action as determined by the court.

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: I would like to give notification of the Government's intention to introduce an amendment on Report Stage. I will read out the substance of that amendment.

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: It will be a new section before section 8. It is what we call "lastminute.com". As indicated during the Second Stage debate, it is proposed to introduce, at the request of the Minister for Justice and Equality, a number of amendments to the Personal Insolvency Act 2012 and the Bankruptcy Act 1988 on Report Stage. For the convenience of Senators, I will circulate an explanation of the...

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: I neglected to respond to Senator O'Donovan's query so I shall clarify the matter. The co-operative movement is regulated by different legislation. It is intended to introduce an amendment to the industrial and providence societies legislation to provide for Circuit Court examinership where it applies to co-operatives.

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: Will the Senator allow me to revert to him on the matter?

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: I thank the Senator. I wish to clarify that the Government will not be accepting the amendments proposed by Senator Barrett. We all need to restore confidence in the system. The points made by Senator Barrett are necessary and we are trying to restore confidence in accounting, auditing and oversight procedures. The legislation provides that the IAASA will have an independent oversight of...

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: I wish to make a comment before the Senator makes a decision to withdraw or push his amendment. In section 6, "public interest entities" are defined as having the same meaning as in Regulation 3 of 2010, SI No. 220 of 2010, which states: (a) companies or other bodies corporate governed by the law of a Member State whose transferable securities are admitted to trading on a regulated market of...

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: With the permission of the Chair may I speak to amendments Nos. 11 and 13 together?

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: I wish to reiterate the wording of the amendment in order that from my perspective I can stay focused on the amendment itself. Amendment No. 11 seeks to insert the following: The Recognised Accountancy Bodies remain the oversight bodies for the external quality assurance of audits until the enactment of this Act and shall retain the duties and obligations of such oversight up to and...

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: This amendment relates to the power of seizure. It is more of a semantic explanation. The new section will provide for an officer of the Director of Corporate Enforcement to be able to take over the statutory duties set out under sections 20(2E) and 20(2F) of the Companies Act 1990 in circumstances where the incumbent designated officer is no longer in a position to carry them out. The...

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: This amendment is effectively the same. The purpose of the amendment is to include the Insolvency Service of Ireland as one of the agencies in the list of bodies that may share information with the director. The purpose of the amendment is to ensure that the Insolvency Service of Ireland has the power to share information with the Director of Corporate Enforcement that it considers relevant...

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: Notwithstanding the valid points made, I respectfully suggest that these issues should be dealt with under the Legal Services Regulation Bill, which is before the Dáil at present. I note the points made and they will certainly be reflected back to the relevant Minister.

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: I return to my response to the amendment. The 30% figure mentioned in public discourse on the issue refers to the estimated Circuit Court costs being 30% lower than an examinership process through the High Court owing to the legal fees element. If we do not know how many companies will go into examinership from today and 12 months hence, how can we reasonably expect to create an estimate of...

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: I will respond first to Senator Barrett's remarks and thank him for his kind words of welcome. The costs of an examinership will depend not only on the capitalisation or book value of the assets of a company but also on the nature and extent of the company's liabilities and the complexity of a particular case. Hence, it would be extremely difficult to estimate the cost of a typical...

Seanad: Companies (Miscellaneous Provisions) Bill 2013: Committee Stage (19 Nov 2013)

Seán Sherlock: Amendment No. 1 provides that a company is to be treated as a small company if it qualified as a small company for the most recent financial year ended before the application for examinership. Under section 8 of the Companies (Amendment) Act 1986 a company qualifies as a small company if it meets the qualifying conditions in respect of a financial year. In the Bill, as initiated, the...

Seanad: Science Week: Statements (12 Nov 2013)

Seán Sherlock: I will endeavour to respond in the best way I can to the points raised. I genuinely acknowledge the contributions of my fellow Members of the Oireachtas. Hopefully I will be able to respond, and if I am not, Members should not hesitate to follow up with me. Senator Mary White referred to a dual education system, and I wholeheartedly agree with the point she made. The example of the...

Seanad: Science Week: Statements (12 Nov 2013)

Seán Sherlock: May I clarify something? I did not quite understand what the Senator was referring to when he spoke about some people being one page ahead of others.