Ms Tara Keane:

Yes. One has to be qualified as a liquidator, which means it is open to members of an accountancy body, qualified solicitors, members of one of the other professional bodies regulated by the Irish Auditing and Accounting Supervisory Authority, IASSA, suitably qualified people from other member states and people with significant experience of insolvency proceedings under a grandfathering provision. There is a good pool of people from which to choose. However, I take the Deputy's point that there will be a cost involved. We felt it was important for the overall robustness of the process that a specialist person be in place to advise the company. Notwithstanding that this applies to micro and small companies, they may have tricky affairs which need to be considered. It speaks to the overall robustness and protection of creditors if we ensure someone suitably qualified does that, particularly in circumstances where we have removed court supervision.

The Deputy mentioned the point about overall time saving. Currently, examinerships can run for up to 150 days, on the basis of temporary amendments being made under the Companies (Miscellaneous Provisions) (Covid-19) Act. However, they typically last 100 days. This process is expected to conclude in 70 days, which is subject to getting a rescue plan by day 49 and having a 21-day cooling-off period. There will be circumstances in which it can be done more quickly and there is flexibility in the Bill to allow this to happen.