Ollie Crowe (Fianna Fail) | Oireachtas source

I thank the Minister of State for his continued support and for his briefing on the legislation. I welcome this legislation, which is much needed and will play an important role in giving smaller companies an opportunity to survive as we emerge from this pandemic. We must ensure businesses have an opportunity to recover from the pandemic and that their long-term viability is not impacted by short-term issues caused by a crisis not of their making. There is so much focus on larger companies and foreign direct investment, which are of course important. However, we must always remember that small and medium enterprises, SMEs, the length and breadth of this country are the heartbeat of the Irish economy and that small and micro companies represent 98%, as the Minister of State alluded to, of all companies in Ireland.

Currently, at least five court applications are required to comply with the processes in an examinership. This, obviously, adds significant legal expenses to the process of getting court protection and makes it an unviable option for most small and micro companies because of the costs and timeframe involved, about which I will go into further detail. Allowing small companies with short-term issues to go through an administrative rescue process without the costs and challenges that are part of examinership will give them the best possible opportunity to trade their way back to solvency, which most of them will do. It is something that has been raised as a key need by business representatives with every Senator I am sure over the past 12 months. The commitment to providing SMEs with the most effective supports possible in the programme for Government meant it was essential this was addressed. I am pleased to see Government maintaining that commitment.

Certainly, in my heartland of Galway city, many smaller companies are facing challenges as we emerge from Covid in terms of short-term finance despite unprecedented Government supports, which I acknowledge. This scheme will be of assistance to many, thereby protecting employment and providing companies with the opportunity to emerge from Covid. The fact that there is also a shorter timeframe is essential for this process. That it can conclude within a ten-week period, rather than the 150 days which examinership can take, is also very important and welcome. The shorter timeframe is essential.

The legislation will assist companies that support in excess of 800,000 jobs in this country, that employ fewer than 50 people and have a turnover of less than €12 million per annum. These companies need help now and we must support them. The unprecedented supports the Government has put in place have been of great assistance. I speak to business owners in Galway city and county, and in the west, who acknowledge that. While they are very thankful for the wage subsidy, the Covid restrictions support scheme, CRSS, and the array of supports that have been given, we all realise these will eventually need to be tapered off. The ability of companies to restructure with minimal cost and red tape will make a very positive difference to them. The proposal has already received broad support, in principle, from stakeholders, certainly from people who have engaged with me. It must also be recognised that it has been supported, in the main, by Members in both Houses of the Oireachtas.

I know the Minister of State has a very busy schedule and I am not sure if he will come before Seanad Éireann again this week. If he does, that is okay, but I wish him and Aideen Ginnell, who are getting married this Thursday, well, and a long and happy life together. I have no doubt that Aideen will need great patience, which I am sure the lady has. She will need to have it as she knows the time constraints. I understand the restrictions are testing for all couples throughout the country. As wedding numbers are limited to 50, and Robert is from a family of 12, I do not understand how they managed it, but they are where they are. I take the opportunity, as I have no doubt the Leas-Chathaoirleach will, to wish Robert and Aideen the very best for this Thursday.