Can you read and digest this Bill in 30 mins? #promnight

6 Feb

I defy anyone to read this and be ready to argue for or against in 30mins or less…..

IRBC Bill

One Response to “Can you read and digest this Bill in 30 mins? #promnight”

  1. John Smith February 7, 2013 at 2:24 am #

    Even the best brains in the country, in the company law /insolvency field, would just be getting to grips with most of the implications and intricacies of the bill in 30mins, and it is very safe to say that none of our Oireachtas members have a high level of expertise in this area.

    Furthermore, anyone that has the required expertise would not be so stupid as to base their decisions on the bill on an initial reading, and would be getting out the reference books to tease out the finer points, and come back with a fully considered view.

    TDS are being asked to pass this blind. They might as well be asked to pass a motion saying “we approve as law whatever wording the Attorney General has in his briefcase”. It is not good enough to pass legislation based merely on approving of its stated purpose. As legislators they have a duty to see that the legislation actually achieves the purpose, and doesn’t have dangerous side effects.

    The proposed liquidation will be a unique one, as most of the usual laws governing liquidations have been waived (which should see a few high earning legal challenges). Particularly alarming is the power being given to the Minister to be a shadow liquidator, able to order the liquidator about. Perhaps Special Liquidator should really read Emasculated Liquidator.

    Most people would be of the view that IBRC should have been liquidated long ago. However, this liquidation’s effect for the taxpayers appears more like a last will and testament, bequesting the debt to future generations, and leaving the current generation to pay the upkeep (interest) in the meantime. Lose/Lose for every ordinary citizen present and future. Oh to be an Icelander!

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