Is the Minister aware that the Revenue Commissioners are already a priority creditor in the event of liquidation? Will he agree that other creditors are just as entitled to protection as the State in the event of liquidation and can he tell us if the provisions of the new Bill will protect other creditors?

I have introduced a new Part to the Bill, Part IX, deals with the matter the Deputy has referred to whereby a company which finds itself in financial difficulties would have the opportunity to apply to the court to have an examiner appointed and to be given a period of time to see if the particular company could be restructured. The Revenue would attend the creditors meeting just like everybody else. One could say that they hold a veto on liquidations but under the new Bill they would be one of a number of creditors and if everybody else is in favour of restructuring and the Revenue are not, the examiner would be able to go back into court and Revenue would not have the veto which they have had up to now. Nevertheless it is the court who would decide what is in the best long-term interest of the company.