Written Answers - Business Regulation

Tuesday, 21 February 2012

Dáil Éireann Debate
Vol. 756 No. 2

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  310.  Deputy Thomas P. Broughan  Information on Thomas P. Broughan  Zoom on Thomas P. Broughan   asked the Minister for Jobs, Enterprise and Innovation  Information on Richard Bruton  Zoom on Richard Bruton   if he is taking any initiatives to facilitate and encourage the development of the co-operative business model here; and if he will make a statement on the matter. [9418/12]

Minister for Jobs, Enterprise and Innovation (Deputy Richard Bruton): Information on Richard Bruton  Zoom on Richard Bruton  Last year, I secured the agreement of Government to draft legislation to ease the regulatory burden on co-operative societies and to make it easier to start up and run a co-operative as an alternative form of enterprise organisation. I hope to publish this Draft Bill during 2012. I expect that the amendments I am proposing will make the co-operative model more attractive for those wishing to use it.

My responsibility lies in the legislative provision for co-operatives in general. Any initiatives to facilitate or promote the development of co-operatives in particular sectors, for example child care, education or housing, would be a matter for my colleagues in the respective Government Departments.

  311.  Deputy Gerry Adams  Information on Gerry Adams  Zoom on Gerry Adams   asked the Minister for Jobs, Enterprise and Innovation  Information on Richard Bruton  Zoom on Richard Bruton   further to Parliamentary Question No. 483 of 14 February 2012, if he accepts that the lack of fee regulation for receivers and liquidators appointed to companies is to the detriment of unsecured creditors and other creditors further down the preferential chain; if he will consider introducing legislation to deal with this issue; and if he will make a statement on the matter. [9634/12]

Minister for Jobs, Enterprise and Innovation (Deputy Richard Bruton): Information on Richard Bruton  Zoom on Richard Bruton  The Companies Acts contain provisions governing the activities of receivers and liquidators, including provisions in relation to fees. In a members voluntary winding up, the members in general meeting, appoint the liquidator and fix his or her remuneration. If the company does not fix the liquidator’s remuneration, it may be fixed by the High Court. In a creditors’ voluntary winding up, the committee of inspection, or if there is no such committee, the creditors, fix the remuneration to be paid to the liquidator. Within 28 days after the remuneration has been fixed by the committee of inspection or by the creditors, any creditor or contributory who alleges that such remuneration is excessive may apply to the Court to fix the remuneration to be paid to the liquidator.

In addition, in the case of a court ordered liquidation, the Rules of the Superior Court contain provisions in relation to liquidator fees. Where a receiver is appointed on foot of a debenture, his or her remuneration will generally be agreed by the debenture holder. However the Court may, on application to it, fix the amount to be paid by way of remuneration to a person appointed as receiver notwithstanding that the remuneration has already been fixed. The remuneration of a liquidator or receiver appointed by the Court is a matter for Court. In light of the legislative provisions already in place I have no plans for further legislation in this matter.


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