Seanad debates

Wednesday, 20 May 2009

Companies (Amendment) Bill 2009: Committee Stage

 

Photo of Joe O'TooleJoe O'Toole (Independent)

I am disappointed. The Government wonders why it gets bad publicity but this is a classic example. This simple amendment shows authority and commitment. When people criticise the Government for not putting laws in place, this is what they mean. The Minister said she intends to deal with this issue in the consolidation Bill next year and no one disagrees with that. The Minister has not told us, however, the problem with putting this arrangement in place now. The Director of Corporate Enforcement is investigating issues full time, waiting six months to put a system in place does not help.

Where is the problem with putting this in place now? Every attempt should be made to support the work of the Office of the Director of Corporate Enforcement. I cannot understand how the Government gets itself into these binds or why it does not recognise that Fine Gael has put forward a good idea that will show people what we are about and that we will not stand for any delay to the work of the ODCE.

The first thing that happens when a request comes from the Office of the Director of Corporate Enforcement to a company is that a phone call is made to the company's lawyers. The company's lawyers will be of the view that it should give nothing away until absolutely necessary. They will then slow down the process. I spoke to someone who told me about six different communications with the legal team of an institution over a simple list of decisions taken. Lawyers probably made at least €10,000 while the official body established by the Minister could not get the information. This happens all the time. It is a smaller version of what the developers are talking about with NAMA - they will take it to court.

We are behind the eight ball every time. It would cost the Department nothing to put this in place and it would at least allow the Minister to say that while the legislation will be consolidated, she put in place a positive idea from the Opposition. How can that hurt? Surely that must be positive and is the sort of thing we should be doing. When the Taoiseach, the Minister for Finance and the Minister get together to look at these things, surely this is what is wanted.

Fine Gael is not trying to score political points here, it is a sensible approach to legislation that will reflect discussion in this and the other House and in the newspapers about how we do our business. I appeal to the Minister to accept this amendment in the spirit it is offered to let ordinary people see we are thinking of them.

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