Mr. Lorcan O'Connor:

From the ISI's perspective, we are trying to ensure that the process is as smooth as possible, and in our quarterly statistics report we set out the typical timeline for a given case. Equally, the protocol, which is very close to being published, will achieve significant efficiency in the overall process. At the moment every practitioner produces a different set of terms and conditions, so every case must go to a creditors' legal division in order for it to look through the small print to see if there is a problem. Once the protocol is in place, all of that part of the process will be taken off the table and, I would like to think, it will be a lot more smooth.

In terms of the initial engagement between debtor and practitioner, basically the practitioner summarises the financial situation of the debtor and submits it to us. When we are satisfied that the application is in order, it is then passed to the court and the court's process takes only a matter of days.