Alan Shatter (Dublin South, Fine Gael)

The amendment proposes a reduction of the period before application for an order for discharge can be made from five to three years. It makes no distinction regarding individuals who might have recklessly traded or led extraordinarily or foolishly lavish lifestyles compared with their neighbours and, as a consequence, did not pay their taxes. There is no distinction in the legislation or in the amendment.

Senator Walsh referred to small contractors who get caught up. There have been many instances, particularly in the construction industry, of contractors who lost substantial sums of money where the principal building firm has collapsed and the contractors have not been paid for their work. The overwhelming majority of those firms are limited liability companies. That is dealt with through company law and not through bankruptcy law.

The numbers rendered bankrupt is extremely small, given the overall financial difficulties that exist and the number of businesses that have closed. There were 27 in 2010.