InBus_Win09_1-55:InBusiness 1-61 11/12/2009 16:13 Page 5
Business | NEWS
OUTDATED BANKRUPTCY LAWS COULD STIFLE RECOVERY
A RECENT REPORT from Beauchamps come into sharp focus as distressed debt becomes an important issue. He
Solicitors entitled ’Bankruptcy Law in the also points out that the existing procedures cannot cope with the masses of
European Union and Forum Shopping’, show’s individuals in this situation.
that Ireland’s laws in relation to bankruptcy are “The Irish approach to bankruptcy is penal. If you are declared a
out-dated and compare unfavourably with our bankrupt, the restrictions applied become a millstone around your neck for
European counterparts. the next 12 years. “However, in England and Wales you may only face
According to Gabriel Daly, Head of being in bankruptcy for 12 months. If Alan Sugar or Donald Trump had
Restructuring and Insolvency at Beauchamps gone bankrupt in Ireland, they would not have been in a position to create
Solicitors, the bankruptcy laws here must be new businesses, take new risks and succeed on a larger scale.”
Gabriel Daly, Head of
revised to ensure Ireland’s economic “Revising our laws may encourage the entrepreneurship that could lead
Restructuring and
regeneration. “The existing bankruptcy laws are the economy out of recession,” added Daly. “This isn’t simply a case of
Insolvency at
Beauchamps Solicitors.
anti-entrepreneurial, out-dated and unwieldy,” allowing people to walk away from their debts should they fail. However,
he said at the launch of the report. “Business their limited means could be distributed and dealt with in a controlled
leaders take risks on new ideas and without these people, to stimulate fashion. Reform is needed to ensure these people are not kept in limbo for
business and provide employment, our economy could suffocate. The the rest of their business lives. Alternatives are available – private ‘schemes
freedom to fail in business is essential.” of arrangement’, though costly and time consuming, enable debtors to
Daly believes that bankruptcy law in Ireland stagnated because there avoid the disqualifications of becoming bankrupt and gives them privacy to
has been a failure to update legislation and that the problem has now help protect their standing and credit.”
Irish businesses can do more to protect sensitive information
One in five Irish businesses have experience of employees leaking confidential information from inside their business, according to new research on how
businesses treat confidential information from Shred-it and Filestores, members of the DMG Group. The research surveyed legal, financial and professional
services sectors and the public sector in Ireland. The majority (79 per cent) of Irish businesses expressed confidence that their current approach to
document storage was secure. Yet, almost one fifth (17 per cent) of Irish businesses have lost sensitive confidential information in the past three years.
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Minister Mary Harney opens €47 million manufacturing facility
SERVIER IRELAND’S NEW €47 million “This facility represents a significant knowledge-based economy as being key to the
manufacturing plant in Arklow, Co. Wicklow investment by Servier and serves to further Ireland’s future growth and ongoing
was officially opened by Minister for position Ireland as a primary location for competitiveness,” Barry O’Leary, CEO of IDA
Health and Children, Mary Harney, TD, pioneering research and development,” said Ireland said at the opening of the site. “This
in November. Minister Harney at the opening of the plant. investment is testament to the operational
The new 4,500 sq-metre facility marks the “This is good news for the staff in Arklow and excellence, infrastructure and highly skilled
final stage in a €124 million investment for the wider Irish pharmaceutical industry as it’s workforce which has evolved. It also sends out a
process, which commenced in 1989, and has a strong statement of Servier’s commitment to clear signal to multinational corporations
seen the size of Servier’s Arklow site double in Ireland. The new plant will act as a strategic worldwide that Ireland remains at the cutting-
the last three years. The state of the art high centre for the company in its R&D pipeline edge of research and development and a highly
containment production facility will supply a activities, ensuring that Ireland remains at the attractive location for investment.”
number of high-value medicinal products such forefront of pharmaceutical innovation. The
as Acerycal, Protelos, Procoralan and, most expansion fits in with the Government's strategic
recently Valdoxan, among others to markets priorities for building up Ireland's R&D capability
across the globe. Currently, more than 90 to lay the foundations for future high value
million boxes are exported on an annual basis. employment.”
The company recently announced the Servier is currently celebrating 20 years in
European approval of their landmark product operation in Arklow. In the last three years the
Valdoxan (agomelatine) – the first new company has invested €68 million and has
antidepressant developed in over a decade expanded its presence in Wicklow, creating 100
and the first melatonergic antidepressant to be new jobs. 312 staff are currently employed on
approved for the treatment of major the Arklow site.
depressive disorder (MDD). The drug will be “The ongoing Government and IDA Ireland
produced from the new Arklow facility. has pointed towards the development of a Minister Mary Harney, TD.
InBusiness Winter 09 5
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