Garret Ahearn (Fine Gael) | Oireachtas source

I welcome the Minister of State, Deputy Troy, and congratulate him on his new position. It has been a busy period for him and that will continue to be the case. He indicated that these are short-term measures to give reassurance and support to businesses. That is exactly what is provided for in the Bill, namely, certain supports and reassurance so that they can survive in the short term. The Bill sets out how company meetings and meetings of industrial and provident societies can be held in the interim period from the commencement of the Bill until 31 December this year. Companies will be enabled to convene and hold general meetings, AGMs and EGMs by virtual means such as Zoom and Webex.

The Bill also deals with other issues. Workers will not have to get High Court approval for enforcing employment rights complaints. There is also an extension of the time period for the presentation of reports by an examiner to the High Court. In addition, there is an increase in the amount of debt a company can have before a statutory demand can be issued to have it wound up. Once enacted, these proposals will provide reassurance to companies when organising their AGMs and they will be given extra time to hold such meetings. That is important.

It comes on the back of the short-term measures that were announced yesterday. It is important to recognise the role the Minister of State and his Department have played in recent weeks in terms of the July stimulus package that was announced yesterday. It is important to welcome it because many of the measures that are being introduced are along the same lines as the Bill, which is a technical one concerning short-term measures. The measures announced yesterday are also intended to support businesses.That support comprises four things: backing Ireland's businesses with 0% interest rates for first-year SME loans; the restart grant expansion; the waiver of commercial rates; and the Covid-19 credit guarantee scheme, which we were discussing yesterday and which will be hugely vital for businesses. It will also help people, especially young people, to get back to work. There will be an expansion in training, skills development and work placement schemes. We will be building confidence, investing €500 million in local communities, and preparing Ireland for an economy for the future. This stimulus package may be a short-term one but it will be followed by a national economic plan as part of the budget. That is a long-term view. Much of the criticism of yesterday's stimulus package was about it being a short-term measure but it is the second phase of three. It is important to welcome it, and the amount of work put into the package by the Department of Business, Enterprise and Innovation is welcome. Businesses to which I have been speaking in Tipperary and Clonmel say they need clarity and Bills like this one are bringing that clarity. Yesterday's announcement is hugely welcome. I wish the Minister of State well and my party and I will be supporting this Bill.