Snippet data - viewing only, no editing possible


Label

Field name

Field value


Sitting_Date

04/23/2013 12:00:00 AM


Sitting_Forum


Snippet Ref No

SnippetRefNo

NN00200

Selected Quill

SnippetType

1

Saved Quill

SnippetType_C4D


Selected Quill

SnippetType_1

1

Speaker Name

IndxSpeakerName

Tóibín, Peadar

Business Category

IndxMainHeadCat

Companies Bill 2012: Second Stage

Sub Category

IndxSubTopic


Topic

IndxQHeadTopic


See Also

SeeAlso


Part1

TitlePart1


Part2

TitlePart2


Part3

TitlePart3


Volume

VolumeNo

800

Book No

BookNo

3

Pdf Ref

PdfPageRef

305

Default Business Index

IndexViewCategoryDefault

Companies Bill 2012: Second Stage

3 Part Title Business Index

IndexViewCategoryTitle


Default Topic Index

IndexViewCategoryDefaultSpeaker

Companies Bill 2012: Second Stage

3 Part Topic Index

IndexViewCategoryTitleSpeaker


Motion Code

MotionCode


Motion Title

MotionTitle


Stage

MotionStage


Amendment No

MotionAmendmentNo


Bill Code

BillCode


Bill Title

BillTitle


Stage

BillStage


Section

BillSection


Statement Code

StatementCode


Statement Title

StatementTitle


Stage

StatementStage


Hour Indicator

HourIndicator

Not applicable

Procedural Instruction

Procedural_Instruction

No

Debate Adjourned

DebateAdjourned

No

Question Askee

QAskee


Question Asker

QAsker


Question Department

QDept


Question ID

QID


Question Reference

QRef


Question Speaker PID

QSpeakerPID


Question Speaker PID To

QSpeakerPIDTo


Questions Asked

QUESTIONSASKED


Speaker Type

SpeakerType

1

Speaker Name

Senator


Deputy


Minister


Witness


Chairman


ViceChairman


ActingChairmanD


ActingChairmanS


Speaker4Display

Speaker4Display

Deputy Peadar Tóibín

Speaker

Speaker

Deputy Peadar Tóibín

SpeakerPID

SpeakerPID

PeadarToibin

SpeakerText

SpeakerText

Peadar Tóibín

OriginalUnidSnippet

OriginalUnidSnippet

2ACF80A711D41D1480257B56006B0492

LastModifiedSnippet

LastModifiedSnippet

04/29/2020 08:37:47 AM

TopicIndex1stCategoryValues

TopicIndex1stCategoryValues

Snippet Contents:

Cuirim fáilte roimh an Bhille seo agus molaim an obair atá déanta ag an Company Law Review Group. Tá sé tar éis Bille íontach, tabhactach and cuimsitheach a chruthú.
I fully endorse the approach taken. It is unusual that the Minister and I are on the same side for three Bills in a row. I am sure normal business will resume soon enough. The work done by the Company Law Review Group, CLRG, the Department, the Minister and previous Governments has led to this Bill. It is an impressive Bill with multiple facets facing companies and ensuring the highest standards in corporate governance. The best place to address issues is among those closest to the issues. The approach of bringing together such a diverse and inclusive group of legal practitioners, representatives of various strands and sectors of business, and trade unions to address a common concern is a new benchmark in developing legislation. It should be replicated elsewhere. I am sure many representatives who served on the CLRG never thought this phase would end but the legislation is now with us.
The CLRG had over ten years to develop the ideas and work with the Department on drafting of the legislation. Given the impact and scale of the legislation, I hope the Minister will allow significant time for its discussion and debate. The implications of the legislation are deep and profound for business, the community and the wider sector. It is reputed to be the largest item of legislation tabled in the State and we should give it due consideration.
Sinn Féin comes at this legislation from a positive perspective. We share the aims of the Bill and will work to ensure its timely process through the Oireachtas. The points we raise and the amendments we will propose are for the purpose of simplification and streamlining the process and reducing cost to business, while maintaining the highest level of commercial probity and governance. I hope the Minister will take on board the points we raise, provide clarity, review our contribution and, where possible, amend the legislation.
Over 12 years ago, the CLRG was tasked with the mission to bring forward proposals to develop company legislation. Its mission statement was "to promote enterprise, facilitate commerce, simplify the operation of the Companies Acts, enhance corporate governance and encourage commercial probity". The legislation, as presented, addresses these matters in a comprehensive and detailed fashion. Central to the legislation is the need to simplify the legal framework. For seven years, I worked in business consultancy with businesses starting off and plotting their way through every stage of commerce. For many businesses, it was very difficult to navigate the legal framework governing the area. This simplification is welcome.
Recent times are littered with cases in which corporate governance and commercial probity were secondary to the reduction in regulation and oversight and the elevation of the pursuit of profit at all costs. Society is paying a dear price for that. We have seen how the banking sector and property development benefited and profited from sharp practice. We have seen how auditors passed company accounts as solid only for the company to collapse shortly after, leaving huge debts and having an impact on downstream SME creditors that makes it impossible for them to struggle and survive. Through this, we saw workers losing their jobs and livelihoods. We see daily cases of directors in front of the courts pursued for assets that appear to be lost in myriad companies and subsidiaries. The business practices and ethos of the past brought this State to its knees. It provides cases studies to compare the effectiveness of the legislation.
The key test is the difference the legislation has on our society, on reigning in sharp practice and on promoting sustainable regulated frameworks for business. Will the legislation promote reasonable, responsible and open business? I am also mindful that entrepreneurs face major costs in business start-up. Start-up is the key time for enterprise in our society Many people have ideas but not the wherewithal to put the ideas into concrete and bring them to fruition. Each week, I am contacted by SMEs across Meath and across the State with regard to meaningless bureaucracy and replication of administration. There is a balance between proper oversight and regulation and bureaucracy.