Mr. Lorcan O'Connor:

Whatever about what might have been the historical practice, once a PIP comes into play all, in effect all situations are regularised. It would not, therefore, necessarily be something that would come to our direct attention. However, in terms of the unsecured creditors' assessment of an arrangement, the reality is that in bankruptcy the dividend to unsecured debt is close to 0% in the vast majority of cases. Again, there is an incentive to engage because there is a dividend of some kind to be obtained through a DSA or a PIA.