Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

The threshold at which the rescue plan is deemed to be accepted by a class of creditors has been carefully considered in consultation with the Office of the Attorney General. In cases of examinership, section 540 of the Companies Act 2014 provides that a rescue plan "shall be deemed to have been accepted by a meeting of creditors or of a class of creditors when a majority in number representing a majority in value of the claims represented at that meeting have voted, either in person or by proxy, in favour of the resolution for the proposals." While we have largely replicated the provisions used in cases of examinership, it was decided to increase the threshold from a simple majority in value and number to 60% to reflect the fact that the process will take place outside of court. Any further increase to this threshold would make it more difficult for rescue plans to be accepted and would do nothing to further protect creditors. All creditors who vote against a rescue plan ultimately have the right to object to it and to have the court consider their objections further. On that basis, I do not propose to accept the amendment.

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