Joe O'Toole (Independent)

This is the last opportunity to speak on the Bill. I support the objective of the Minister but I do not believe the Bill will survive. I think it is unsafe and unconstitutional. In many ways, it undermines and perverts an existing body of legislation in a variety of areas. It also undermines existing regulation and undermines and perverts common law of many centuries before there was any companies legislation.

I have said in the House on a number of occasions that if no companies legislation had ever been passed, we would still be able under common law to take action against people who acted in an egregious or unacceptable manner or in a fashion that brought the country to bankruptcy. I believe that is the case and the Bill will not survive a court test. It will be challenged and found to be unconstitutional; it sets aside rights. Even though I endorse what the Minister is trying to achieve, and I see the difficulty he is in, this is rushed and we will rue the day it is passed; we will not get the result we are looking for.