- Senator Sharon Keogan
Companies (Rescue Process for Small and Micro Companies) Bill 2021
Updated: Jul 19, 2021
According to the CSO there are nearly one million people employed by SMEs in this country. According to the ERSI and the Central Bank - a quarter of these SMEs could be vulnerable to liquidation. Employment and livelihoods are at risk here and the Small Company Administrative Rescue Process could be vital in saving many of them. Having said that, It is important to make one thing clear here - The Companies Rescue Process Bill does not solve this issue. In some instances The Rescue Process will only kick the problems that SMEs face - further down the path. But with continuing lockdowns, mass uncertainty and no clear policy or guidelines coming from the government, this bill is vital. Nevertheless, while it may be a necessary bill - given the state that SMEs find themselves in in Ireland - it must be asked whether we are looking at a real solution or if we are continuing to patch up the problem that we have created. The problem being lockdown. The problem being the state's intervention in the normal operation of our economy. The problem being the continuing uncertainty, no coordination and unfair treatment of business. 78% of SMEs operated in sectors moderately or highly affected by the pandemic. These are the sectors which the government and NPHET called “non essential”. I would like to remind everyone today that there is no form of employment or no form of business that is “non essential”. There is a complete lack of respect from this government and public health toward SMEs and while this bill will help viable companies survive - it will not help all the companies, affected by government policy these last two years, to survive. Too little, too late. We have “zombie” companies operating right now in Ireland. Companies that are not viable, companies that can’t service their debt in a growth economy,that the rescue process will not save, but we pump them with support under the false illusion that an end is in sight. These companies are already dead, we are just keeping them alive with life support. A positive end for some but many will not survive. But Where is the end? Where is the plan?
Have a listen in... ➡️https://youtu.be/U4GkZS7Ie9Q