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Seanad Éireann debate -
Thursday, 6 Dec 1990

Vol. 126 No. 17

Fóir Teoranta (Dissolution) Bill, 1990: Committee and Final Stages.

Section 1 agreed to.
Question: "That section 2 stand part of the Bill", put and declared carried.
Sections 3 to 12, inclusive, agreed to.
Title agreed to.
Bill reported without amendment and received for final consideration.
Question proposed: "That the Bill do now pass."

I did not call any more votes on Committee and preceding Stages as I took the count to be as it was at the end of Second Stage. I would have liked to oppose Second Stage, the whole principle of the dissolution of the company, on the basis of the Minister's justification for what we were doing here this morning, which I do not accept. I would like to point out that there is no alternative rescue finance available for small to medium sized manufacturing companies, the very companies that Fóir Teoranta helped. The examiner provision of the Companies (Amendment) Bill, 1990, with which the Minister justified a lot of his argument for dissolving Fóir Teoranta, is effectively out of the reach of small to medium sized manufacturing industry because of the huge legal costs involved in invoking the examiner provision. As those were the two main justifications given by the Minister for what was before us in the House this morning, I cannot accept it.

I would like to thank the Minister, Deputy Reynolds, and the Minister of State, Deputy Daly, for the expeditious way they handled this Bill.

Question put and agreed to.
Sitting suspended at 1.10 p.m. and resumed at 2 p.m.
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