Seán Barrett
Ceist:25 Mr. S. Barrett asked the Minister for Industry and Commerce if he has any plans to amend the Companies Act, 1963, to protect pension funds in the event of a company becoming insolvent.
Written Answers. - Companies Act.
Section 285 of the Companies Act, 1963, provides that when a company is being wound-up, certain debts shall be paid in priority to other debts. Section 10 of the Companies (Amendment) Act, 1982, amended section 285 of the 1963 Act by adding unpaid company superannuation contributions and member contributions deducted but not remitted to the trustees to the list of preferential creditors in the event of a company liquidation. This places such outstanding contributions for company pension schemes on a par with other preferential creditors of a company which goes into liquidation and I am satisfied that this is as far as it is appropriate to go in companies legislation.