Ms Jackie Lavin:

In our case we would have had professionals carry out the evaluations. That is how they would have stood in our books. They would have been written down by professionals on an annual basis depending on how the economy and property market was performing. When a receiver is appointed, it is then too late to re-evaluate the properties. They are in books at a certain price but they do not ask about it beforehand. They do not say "by the way, we are valuing you at X and you have them valued at XX" so we could get an independent valuation. That does not happen. They just come in and smash and grab. That is it.