Mr. Lorcan O'Connor:

The loan or the claim would be whatever it is on the face of the statement. In the Deputy's example, it would be €10,000. What I would say - this is more a comment based on my experiences in the corporate insolvency world rather than in personal insolvency - is that where loans have been passed on to a third party at a discount, it is far more efficient and easier to get deals done in that context because usually those third parties are banks which specialise in this area and are used to these types of process. Indeed, one only has to look at the UK, where such third parties play an important role in supporting the equivalent, which is known in the UK as an individual voluntary arrangement.