Hogan, Philip

Wednesday, 21 September 1988

Seanad Eireann Debate
Vol. 121 No. 1

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This section refers to the duty of receivers selling property to get the “best price reasonably obtainable”. Will the Minister give the House a definition of “best price reasonably obtainable”? I am a...More Button

What criteria or guidelines are laid down for the receiver to ensure that he obtains the best price? Will the price obtained under the term “best price” satisfy all concerned that it is the best pric...More Button

The reason I raise the matter is that I am not convinced that the receiver in any company receivership will at all times do his or her best to obtain the best price in the interests of the unsecured c...More Button

I should like to thank the Minister.More Button

The Minister has probably made his statement prematurely and perhaps should have an opportunity to react.More Button

The Minister is very much ahead of his time. I understand that but he has over-simplified the situation in relation to saving hundreds of companies. He certainly will be ahead of his time if he achi...More Button

I want to put on record my gratitude to the Minister for making such a statement to the House. Question put and agreed to.More Button

Is it the practice that the receiver should submit the debts and affairs of unsecured creditors rather than the companies themselves? Section 138 speaks about the duty of the receiver to prepare a st...More Button

I, too, would like to get more clarification on the phrase “on cause shown” as asked by Senator O'Toole. Most sections in the Bill are inclined to detail the events in which a certain course of actio...More Button

Section 140 provides that the liquidator will have certain powers over a receiver. There is an indication that this will have serious implications for lending in so far as where a debenture holder or...More Button

If a debenture holder sends in a receiver into a company, and we have a new section in the Bill which allows for a liquidator to be appointed over and above the wishes of a debenture holder, that woul...More Button

In this section what is meant by the words “necessary modifications”?More Button

In dealing with Part IX of the Bill I should like to welcome this new concept of reconstruction in the companies legislation in the form of an examiner. As the Minister has rightly stated, the potenti...More Button

Where does the Senator stand on this political spectrum?More Button

It is surprising that in the legislation as it is drafted no permission is given to directors of a company to bring a petition to court. Perhaps I would not go as far as what Senator O'Toole is propo...More Button

I welcome the inclusion of these new sections. I put a question earlier to the Minister and I expressed surprise that there was no reference to directors on the list of those who would be able to bri...More Button

I am glad that Senator Ross has highlighted a very fundamental problem which might arise. If the potential viability of so many companies is at stake there could be a lot of work for the examiner un...More Button

May I ask the Minister what is the position of goods that are supplied to a firm or goods that are supplied under retention of title, for example, once a company is under examination? What effect does...More Button

The Minister stated earlier that he was introducing an amendment to cover what we were referring to in relation to the retention of title and the status of goods supplied to a company under examinatio...More Button

I can assure the Minister that it will cause problems. If suppliers of goods to a company under examination have a retention of title to those goods, they will demand a 100 per cent return on the sup...More Button

Can we defer the amendment? Can that be done?More Button

This is a procedure which has also been adopted in relation to receivers and liquidators taking account of general provisions where the person carrying out the examination resigns. The section fails ...More Button

The difference between resigning and retiring is that an examiner, if he chooses to retire, could wait until a particular period of time has elapsed and drag his feet on the issue. He might be appoin...More Button

With the 30 days available, the court can extend——More Button

Must he give reasons why he or she is resigning?More Button

If somebody resigns during the course of an examination, does that not smell particularly bad for the company involved? It might prejudice the good standing of the directors who brought the petition....More Button

Unfortunately, in day-to-day operations these things happen. Receivers might choose not to make a report in certain instances because they may find themselves being put in an awkward position. They m...More Button

I am glad this amendment is proposed because it gives a definite time limit to directors to supply specific information to examiners. Three months is a very short time if you are talking about the r...More Button

I think the Minister is perfectly right in restricting information of this sensitive nature. I think that the definition of interested party is sufficient to cover the number of people who will get t...More Button

I support Senator O'Toole in the remarks he has just made. A minimum amount of days should be inserted in the Bill. “Reasonable notice” is very vague also. If you put in a minimum requirement of th...More Button

I agree with Senator Ryan in that there is a contradiction with what was stated in the previous amendment in regard to the confidential nature of the report of the examiner. If subsection (3) (b) wer...More Button

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