Mr. Lorcan O'Connor:

The ISI does not have the power to set limits on fees or anything along those lines. Rather, it has the power to ensure that the way in which fees are charged by authorised PIPs is transparent. We anticipate that the practitioner will be paid from the funds available to the creditors. Clearly, someone who applies for one of these new arrangements is insolvent and, therefore, will not necessarily have the wherewithal to pay the practitioner's fees. This is also the practice in other jurisdictions, such as the UK, or in comparable situations in Ireland, where liquidators, receivers and examiners are paid out of the funds available to the creditors.