Alice-Mary Higgins (Independent) | Oireachtas source

I move amendment No. 11:

In page 11, between lines 25 and 26, to insert the following: “Report to Oireachtas on secured debt

18.Within 12 months of the passing of this Act, the Minister shall prepare and lay before each House of the Oireachtas a report to include statistical analysis of:

(a) the use of the Principal Act in respect of secured debt;

(b) the extent to which it has been used for secured debt under €1,000,000;

(c) the extent to which it has been used for secured debt between €1,000,000 and €2,000,000;

(d) the extent to which it has been used for secured debt exceeding €2,000,000;

and to conduct an outcome analysis in respect of the above.”.

This amendment does not need to be pressed. As a Senator, I do not have the option of asking parliamentary questions. If the Minister of State indicates he is happy to send me this information, I will not press it. The Minister of State has heard the concerns I have. I would like to have an indication, perhaps on an annual basis, of how many persons have engaged with the legislation since its enactment; how secured and unsecured debt have panned out with regard to the use of the insolvency option; and how many have people have availed of that option for debt of less than €1 million, between €1 million and €2 million, and more than €2 million, up to €3 million. That information would give us a sense of who is using the scheme. Given that the Minister of State indicated that he intends to look further at this area of insolvency and potentially bankruptcy in the autumn, it would be useful to have that breakdown. If the Department furnishes me with that information, I will not need a report. This is quite factual information.