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

The process will be quicker if there is no need to go to the courts. We cannot determine its speed if there is a need to go to the courts.

This amendment has been brought in good faith in an attempt to improve upon the process and bring cost savings to companies. The 21-day period provided for creditors and members to object to the rescue plan was carefully considered and drafted in line with advice from the Office of the Attorney General. That was considered the minimum period to ensure that the process was constitutionally robust in terms of procedural fairness. Any reduction in this period would be contrary to the advice received. It is considered that this time is necessary to ensure that all affected parties can consider their position, seek legal advice, if necessary, and then make their objection. It is important to remember that we are attempting to balance the sometimes competing interests of those involved and to be fair to the creditors. The 21-day period gives creditors the opportunity to do due diligence and consult with the relevant professional people before deciding to accept or reject it. It is a fair number of days.

See this speech in context