Results 1,541-1,560 of 11,114 for speaker:Damien English

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: General Scheme of the Companies (Small Company Administrative Rescue Process) Bill 2021: Department of Enterprise, Trade and Employment (15 Jun 2021)

Damien English: I thank the Chair for the introduction and for facilitating the time change to allow me to participate in the place of the Minister of State, Deputy Troy. I thank the committee for the invitation to discuss the forthcoming Bill to amend the Companies Act 2014 and to provide for a small company administrative rescue process. I am joined online by two officials from my Department, Ms Fiona...

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: General Scheme of the Companies (Small Company Administrative Rescue Process) Bill 2021: Department of Enterprise, Trade and Employment (15 Jun 2021)

Damien English: I thank Deputy O'Reilly for her support in principle for the legislation. I totally accept the concerns about not having pre-legislative scrutiny. I accept that is a process she would not like to see continue. I know we will avoid it as much as we possibly can. Regarding the other legislation, I hope to have something for the Deputy in the coming week or two. As per my commitment, as...

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: General Scheme of the Companies (Small Company Administrative Rescue Process) Bill 2021: Department of Enterprise, Trade and Employment (15 Jun 2021)

Damien English: It is the power of the rescue plan which is key. People have to believe the rescue plan can rescue the company and give it the best chance of getting its debts paid and saving the jobs as well. The Deputy asked about the protection of employees and that is the key here. The real aim is to keep the company viable and operating, and that generally works as well. It is fair to say Revenue...

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: General Scheme of the Companies (Small Company Administrative Rescue Process) Bill 2021: Department of Enterprise, Trade and Employment (15 Jun 2021)

Damien English: Under the rescue plan, the process adviser has the right to repudiate a contract as well, and this also references contracts that are a drain and need to be changed. Ms Keane might want to come in on the specifics because there is an ongoing requirement in regard to the rent thereafter as well.

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: General Scheme of the Companies (Small Company Administrative Rescue Process) Bill 2021: Department of Enterprise, Trade and Employment (15 Jun 2021)

Damien English: In general, there are a couple of issues we are happy to come back on when we have the full legislation through Cabinet. The suggestion in regard to the list of potential process advisers is a useful one and is something we can work on as well. I cannot promise it will be ready in time for this but it is something that can follow the legislation.

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: General Scheme of the Companies (Small Company Administrative Rescue Process) Bill 2021: Department of Enterprise, Trade and Employment (15 Jun 2021)

Damien English: I thank the Senator. In regard to the second question, while I was engaged in the preparation of this Bill, I will let Ms Keane comment on whether it was considered, although I am sure it was. The benefit here is to try to encourage everybody to get involved in this process to save the company and protect its ongoing debts in general, so there is a chance of paying them. We hope a majority...

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: General Scheme of the Companies (Small Company Administrative Rescue Process) Bill 2021: Department of Enterprise, Trade and Employment (15 Jun 2021)

Damien English: I will deal with a couple of the issues the Deputy raised Ms Keane will address the issue of the register. To respond in reverse order, the main aim of these structured resettlements is to assist companies with a sound business model and a viable future, as the Deputy identified. It is generally their legacy debts that are the difficulty. The process of putting the rescue plan in place...

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: General Scheme of the Companies (Small Company Administrative Rescue Process) Bill 2021: Department of Enterprise, Trade and Employment (15 Jun 2021)

Damien English: The Bill does not deal with access to finance but it is a major issue which we are tracking in the Department. We would be willing to review the credit guarantee and proposals brought through the system with the approval of the House of the Oireachtas. They are working extremely well and de-risk financial providers of those loans, be they credit unions, mainstream banks or others. They are...

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: General Scheme of the Companies (Small Company Administrative Rescue Process) Bill 2021: Department of Enterprise, Trade and Employment (15 Jun 2021)

Damien English: We can certainly look into that. It makes logical sense. Part of the directors and creditors agreeing a plan will be around costs and viability. If the costs are excessive, it will not be possible to use this system and save the company, so it is in everyone's interest that the costs are manageable. The Deputy is right that it can be expensive, which we want to avoid. We will track and...

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: General Scheme of the Companies (Small Company Administrative Rescue Process) Bill 2021: Department of Enterprise, Trade and Employment (15 Jun 2021)

Damien English: I thank Deputy Shanahan. There are two issues. Leasing, I believe, is dealt with under head 48 in relation to contracts. There is a process to have a conversation with the landlord. There are two issues. Separate from this legislation, we have had an ongoing conversation with the business community on potential legacy debts from rent and arrears. Since the start of the pandemic, the...

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: General Scheme of the Companies (Small Company Administrative Rescue Process) Bill 2021: Department of Enterprise, Trade and Employment (15 Jun 2021)

Damien English: Again, it is by agreement. If no agreement is reached, an application may be made to the courts to judge on the matter. Any objector to it-----

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: General Scheme of the Companies (Small Company Administrative Rescue Process) Bill 2021: Department of Enterprise, Trade and Employment (15 Jun 2021)

Damien English: Everybody, even those who are not part of the simple majority in value, would still have the option to object to the courts. The courts would judge on it. One would have to have specific reasons for objecting. The first phase would involve the making of a judgment.

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: General Scheme of the Companies (Small Company Administrative Rescue Process) Bill 2021: Department of Enterprise, Trade and Employment (15 Jun 2021)

Damien English: Does Ms Keane want to answer that question?

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: General Scheme of the Companies (Small Company Administrative Rescue Process) Bill 2021: Department of Enterprise, Trade and Employment (15 Jun 2021)

Damien English: I am not sure if there is any magic way we can deal with the concern but having come late into this process, I will discuss it with Ms Keane and Ms O'Dea to see if we can strengthen it. After the legislation, there may be other things we can do as well. I understand the Deputy's concern but I would also say to a lot of companies that it is important to have full professional advice when...

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: General Scheme of the Companies (Small Company Administrative Rescue Process) Bill 2021: Department of Enterprise, Trade and Employment (15 Jun 2021)

Damien English: I thank the Chairman for his co-operation and for facilitating my team and me. I am happy to address any further individual queries that might come up and will certainly take back the suggestions made today to see how we can enhance it. There will also be an opportunity to debate this informally in the Houses. In respect of the ongoing conversation around the Duffy Cahill report and the...

Ceisteanna Eile - Other Questions: Company Law (3 Jun 2021)

Damien English: If the Deputy reads back over my answer, I did not say that she specifically was making that link. I said that Deputies in general had repeatedly come to the Chamber and tried to link the Debenhams and Clerys situations together. That is not based on the evidence presented to the Dáil or the courts. I wish to be clear on that. I will happily engage if people present the evidence they...

Ceisteanna Eile - Other Questions: Company Law (3 Jun 2021)

Damien English: The Company Law Review Group, CLRG, is a statutory advisory body charged with advising the Tánaiste and Minister for Enterprise, Trade and Employment on matters pertaining to company law. Its membership is broad and representative of all stakeholders, including employee and employer representative groups, the Revenue Commissioners, insolvency and legal practitioners as well as...

Ceisteanna Eile - Other Questions: Company Law (3 Jun 2021)

Damien English: The plan of action has been discussed with the unions and stakeholders and they are happy with our plans on this. Once it goes through Cabinet, we can discuss it fully here. To be clear, we have had many discussions around Debenhams and the Duffy Cahill report. The authors of that report have not made the assertion that the Deputies keep making in here that it would have assisted or...

Ceisteanna Eile - Other Questions: Health and Safety (3 Jun 2021)

Damien English: We all share these concerns and it is important to remind everybody that, while we are still waiting for everybody to be vaccinated, we have to follow the protocols and public health advice from all the authorities. These protocols were originally designed when there was no vaccine and no roll-out. They have been updated on two occasions since then to reflect the benefits of the...

Ceisteanna Eile - Other Questions: Health and Safety (3 Jun 2021)

Damien English: The Deputy is making assumptions on the age of people working on the sector which he has not backed up by evidence. There is a great range of age cohorts working in that sector. It is a positive environment because there are opportunities for all age groups to work in it, similar to retail and other areas. There is strong regional balance, as well. On the work safety protocol, the HSA...