Paschal Mooney (Fianna Fail)

I am aware that the Minister is not ideologically wedded to the notion of five years and that he will return to this matter.

I take issue with Senator Conway on a small matter of company law. Senator Conway referred to the fact that company law is not fit for purpose. I am sure he will agree that the initiative presented by the previous Administration to allow for a court examinership, similar to Chapter 11 in the United States, went a long way to ensuring that jobs were maintained in this country at a time when, without that legislation, they might have been lost.

Is it suggested that a person who is no longer trading and is judged a bankrupt is excluded from trading until he or she is discharged from that bankruptcy? In other words, even with the five year rule, if a person is adjudged a bankrupt subsequent to the passing of the Bill, can he or she continue to trade or restart in another guise.

My last question relates to those who live a lavish lifestyle. People who are leading lavish lifestyles, who do not seem to have a financial foundation for doing so and who are not discharging their financial responsibilities, may have very clever lawyers who ensure they are able to continue to live this lifestyle while thumbing their noses at society.