Mr. Lorcan O'Connor:

I worked on the corporate insolvency side before taking up this job and I advised companies that were in financial distress. Trying to get the lender to engage was very much down to whatever was the lender's preference. However, as soon as an examiner was appointed, the lenders would be breaking down the door to meet us because they realised that they only had a couple of weeks to influence what we might do. It is the same way now for a PIP. The lender will immediately engage with the PIP to try to work out a solution to the mutual benefit of all parties.