Ms Tara Keane:

There is not such an arrangement under the legislation but it is important to point out that there is nothing excluding micro-companies from entering voluntary agreements with their creditors outside the legislation and reaching mutually agreed positions on write-downs or renegotiated contracts. I accept that the cost of appointing a liquidator may be prohibitive to some companies but it is important to point out also that, at the early stage, before the company decides to appoint someone, the person engaged to give the professional advice is obliged to give the client information on fees and the ongoing costs of the process. It is then up to the directors of the company to determine whether they wish to make a formal appointment. They have the option to shop around. Since solicitors are qualified, it means one's local solicitor is also qualified. It could be somebody who has already given professional advice to the company in another capacity. Therefore, I do not necessarily envisage companies being boxed into using some of the larger firms — in Dublin, perhaps — that are used to running the large-scale examinerships.