Martin Conway (Fine Gael) | Oireachtas source

I welcome the Minister of State to the House. I wish him well in his work, which will get busier from next month on. I would like to take this opportunity to support the proposal made by my colleague, Senator John McGahon, that a plaque in memory of the assassinated Senator Billy Fox would be erected in the precincts of Leinster House. I believe that is appropriate.Billy Fox was murdered by the IRA. He was a serving Member of this House at the time. I believe we should honour his memory by erecting a plaque in the precincts of Leinster House, given that he was murdered 47 years ago yesterday, 11 March.

I welcome this legislation, which is an improvement in terms of personal insolvency. The sunset clause was a difficulty and a challenge, of that there is no doubt. The removal of that sunset clause facilitates other people who may find themselves in financial difficulty in accessing the personal insolvency structure.

I believe this area is a moveable feast. When we move to the post-pandemic period there will be people caught up in serious financial difficulties. We have seen hundreds of thousands of people on the pandemic unemployment payment, PUP. Unfortunately, some of them will not be able to return to their jobs. Some will find themselves in financial difficulty. We have a duty of care to ensure that those people get the helping hand they need to restructure their finances and their lives to allow them to continue to make a meaningful contribution to society.

We have been very much behind the curve when it comes to giving people options to get out of financial difficulty. We have seen many things done to help corporations and financial institutions restructure and prosper. We need to do more to allow people who, through no fault of their own much of the time, end up in financial difficulty. They, too, should be allowed to restructure and prosper.

This legislation is not the panacea that will resolve all the problems but it is a clear, incremental step in the right direction. I would say to the Minister of State, however, that it has to be constantly reviewed. We have to constantly identify ways of assisting people. Nobody expects every debt to be written off. Personal responsibility is certainly a key component but when people are prepared to take personal responsibility the building blocks and the structure should be available within the State to give them all the assistance possible to allow them rebuild their lives, their future and, ultimately, play their part in rebuilding society and our country.

I very much welcome this legislation. I sincerely hope it is dealt with by the Houses swiftly and that there will be no delay in its passing because it is necessary. I again thank the Minister of State for coming to the House. It has been a constructive debate and I look forward to seeing this legislation become law in the not too distant future.