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Pearse Doherty TD calls for regulation of receivers

18 July, 2018 - by Pearse Doherty TD

Sinn Féin Finance spokesperson Pearse Doherty TD has called for the regulation of receivers to be put in place. 

The Donegal TD said it was frustrating that years after he first raised the issue it is still being kicked around working groups and draft reports and has called for it to be put on the political agenda in the Dáil’s Autumn session. 

Teachta Doherty said: 

“The lack of regulation of receivers is an issue that is raised with me on an ongoing basis. Small businesses, tenants and homeowners all find themselves dealing with receivers in difficult circumstances.

"Unlike liquidators and examiners there is practically no regulation of this group of people.

"I have had contact with many businesses , tenants and others unhappy with how the receivers appointed have acted.

"The allegations range from feeling intimidated by hired agents of the receivers, problems related to the taxation arrangements under receivership and accusations that the receivers are undermining the potential survival of businesses and simply acting in effect as liquidators. 

"In January 2016 the then Justice Minister Frances Fitzgerald wrote to me after I raised the lack of regulation in the Dáil to say that the Company Law Review Group was looking at the issue.

"Now two and a half years later the new Minister has informed me that a Working Group on Receivers is discussing the issue and hope to present a report soon. 

"To date, NAMA inform me, it has paid out €129m to receivers. Over this period the banks have employed receivers thousands of times- all without regulation.

"This issue must be tackled urgently. Receivers must be brought fully under the regulatory system so that homeowners, businesses and tenants can exercise their rights.”

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