Kathleen Lynch (Cork North Central, Labour) | Oireachtas source

Yes, but things are happening quicker than was the case in the past.

This legislation is about ensuring that small firms know that they can work their way out of whatever crisis they are currently in. Crises can happen regardless of whether the economy is buoyant or in a downturn. It is important that companies know that they can have the comfort of the protection of examinership. That is what this is all about. The news about Pamela Scott was particularly interesting in that regard, as Senator Hayden mentioned earlier. Access to the protection of examinership should not be so difficult as to result in companies not even trying. That is enormously important.

It is always nice to be able to agree with someone who comes from the rarefied atmosphere of economics and I do agree with Senator Barrett. However, this is not rocket science. If one is paying the piper, one can usually call the tune. What is important is that there is now an oversight body that will be held to account and which is charged with ensuring that those who engage in the type of accounting practices we saw in some cases in the past will be brought to book.

It is important that information is shared because the lack of information sharing in the past is what contributed to our situation. Organisation cannot operate in silos and must share relevant information. It could be argued that we are getting better at that, mainly because of the appalling situation we found ourselves in. It is not that we suddenly woke up one morning and decided that we were all going to be very good. We have been forced into this position in some respects but hopefully we will learn from all that has happened. One of my concerns, once we start to emerge from the current crisis, is that we might look back and decide that it was not so bad. That worries me and for that reason we must put a structure in place so that when the alarm bells go off, someone can step in and take charge. Suspected breaches of company law in the past are being investigated, by the way, and the people involved will be held to account. That is as it should be and the debate was interesting from that point of view.

I was smiling when Senator Quinn was talking about electronic filing in the context of the justice system because I believe that part and parcel of the administration of justice in this country is the public shaming of wrongdoers. The accused must appear in court and either take the dressing down or be vindicated. There is a section in the Companies Bill which deals with electronic filing. When people become more familiar with such systems, they will become the norm. However, electronic filing is not mandatory but is being encouraged. In the event that it becomes the norm, it could be made mandatory at some future date.

I agree with Senator Hayden's comments regarding reviews. It is always good to take a look back after a year or two to determine what works and what does not. We are doing that already in certain areas in the context of the budgetary process. I will relay Senator Hayden's suggestion to the Minister. Perhaps we need to do something else or perhaps a certain area needs to be tweaked. No one person is the holder of all knowledge and situations and circumstances change. Senator Clune's expertise in this area, having grown up in a business environment, is well known. It is a good day for small business and a good day for our reputation abroad in the context of how we conduct business in this country. That is as important as red tape and other issues.

I commend the Bill to the House and thank Members for their attention.