Time for receivers to be tightly regulated – Doherty
Sinn Féin Finance Spokesperson Pearse Doherty TD has said it is time for tight regulation of receivers. He was speaking after a Finance Committee hearing with officials from the Department of Justice and Department of Business who confirmed the issue of regulation is not on the agenda.
Deputy Doherty said:
“I am alarmed that despite my calls for some years now for regulation for receivers that the issue has not been on the agenda of the various Departments’ working groups. This must be corrected and full, tight regulation put on the agenda without delay.
“I, like many TDs, have heard horror stories of how receivers treat tenants including small businesses. Henchmen turning up in the dead of the night and in disguise to change locks is just one the types of behaviour that must be looked at.
“Liquidators and examiners are regulated by law, but there is practically no regulation for receivers despite the powers they have over tenants and businesses. This is a financial issue too for the State with NAMA having paid €127m at last count to receivers over the last few years.
“That is NAMA alone paying over €127m to unregulated, unaccountable bodies. That is unacceptable.
“Regulation, including a complaints process, authorisation rules and a complaints process must be in place as soon as possible.”