Batt O'Keeffe (Cork North West, Fianna Fail)

I understand where the Deputy is coming from and I too am anxious that the process be expedited as much as possible. However, there is an important element that we cannot ignore, which is maintaining an impartial involvement. The courts afford that and thus ensure there is confidence in the process.

As I said, proposals that have been submitted to the Department in regard to a so-called "examinership lite" process are being examined. However, there are concerns relating to these submissions. For example, there is concern about the absence of an independent accountant in the proposed model and regarding the emphasis on the avoidance of publicity. Also of concern is the proposal that arrangements may be approved if a body comprising 75% of the value of creditors - which may very well comprise a bank - approve the proposal. A reply has issued to the proponents of these submissions to the effect that while we are anxious to be as accommodating as possible and undertake to examine the proposals in detail, the credit supply clearing group is not totally in favour of the proposal.

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