Mr. Lorcan O'Connor:

As the Senator has correctly said, there are voting mechanisms contained within these arrangements. There will be instances in which creditors vote down an arrangement and the debtor will be faced with deciding what to do next. On the day he or she applies for bankruptcy the only direct cost he or she will pay is a €650 application fee to the courts and a stamp duty fee of what I believe will be €90 or €100. He or she does not require a barrister or a solicitor to carry out any lengthy submissions.