Mr. Paul Egan:

I will quote from our report. We identified four reasons. The first is the one that was just discussed. First of all there was a comment that "modern corporate insolvency policy is generally resistant to the extension of the class of preferential creditors". Leaving that aside, by expanding a preferential class of creditor it "reduces the pool of assets available to unsecured creditors", which are often other suppliers that in turn have their own employees.

There are three other reasons and at this stage I might be better off asking Professor Lynch Fannon to discuss them. They are to do with the difference between legally binding decisions of the Labour Court and recommendations of the Labour Court.