Richard Bruton (Dublin Bay North, Fine Gael) | Oireachtas source

I welcome the Minister of State and his team. I warmly welcome this and believe it is timely and much-needed. I have no doubt there are many companies which are carrying burdens and that need restructuring but, underlying that, they are viable companies.

It goes back to the cost of access. The reason we have only about one fifth of the access to examinership that there is in the UK is the very high cost in Ireland associated with going to court. I know the role of the court has been reduced but, on the choice of a requirement for qualification as a liquidator, I would be interested to know why that was required and whether it creates a very high entry barrier for small companies looking to use this procedure.

We get the impression that liquidators are a small group of people and they can almost name their price and, as I understand it, their bill is the first that has to be paid from any resolution. On that element, I would be interested to know why there cannot be a little bit more relaxation in regard to the type of person. Undoubtedly, they need to be capable of assessing and ensuring that no creditor is unfairly prejudiced, and all the rest of it.

Second, I want to understand the threshold for moving ahead with the proposal. Is it that it includes over half of the creditors by value? I know that, obviously, one has to have the power, and I think the term used is to "cram down", although in a fair way, but we cannot let one hold up the overall. How is the threshold decided as to when there are enough creditors on board for the process to proceed, albeit that an objection can still be raised?

The speed issue, which Deputy O'Reilly raised, will continue to be a concern. If this runs on for a long time, it will be more difficult and onerous. Will the Minister of State indicate where he thinks the quicker process has been achieved?

Many companies, having come through this process, will be short of capital. There is a risk that viable businesses will become zombie companies in that they cannot get access to new capital. One of the problems with examinership has traditionally been the lack of finance providers willing to take on companies that have been established as financially viable following restructuring. How does the Government intend to approach that? Certain categories of investor get support from the Exchequer in one form or another. For companies coming through this process, will there be a need to establish access to capital? Some of the vehicles the Government has put in place may be suited, but in some cases there may be a need for new equity. Will that be part of this process? Could the process involve a requirement to have new equity come in and to identify its sources? I am trying to better understand how one would get a company that is temporarily struggling to return to a viable growth path.