Seanad debates
Wednesday, 27 November 2013
Companies (Miscellaneous Provisions) Bill 2013: Report and Final Stages
2:05 pm
Feargal Quinn (Independent) | Oireachtas source
I second the amendment. I cannot improve on what the Senator stated except to state that the words we used on Second Stage and Committee Stage were a reminder of the need for this legislation. We noted the need for this legislation. It is not enough to be reminded unless we are also reminded of the savings that are anticipated. The amendment states, "The Minister shall submit to the Oireachtas an annual estimate of the savings due to the operation of this amendment." That makes sense and I see no reason such an estimate should not be provided. I do not believe that providing it would give rise to any cost. Such an estimate would serve as a reminder of the savings which can be achieved. We spoke earlier about the high cost of litigation in Ireland and, in that context, facilitating these changes would make a great deal of sense. It is not just a question of saving money; time would also be saved. The recent case relating to Lissadell House in County Sligo served as a reminder of the high costs involved. I understand that the legal costs in said case amounted to something in the region of €7 million. That is a reminder of what can occur when a matter goes before the Supreme Court.
Senator Barrett explained the intent behind the amendment very well. In my opinion, the amendment is worthy of acceptance.
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