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

There is merit in the amendment and it is important there are provisions to prevent the process being abused by someone seeking to accrue professional fees. Following the concerns raised by the Joint Committee on Enterprise, Trade and Employment, a number of additional provisions were inserted in the Bill regarding the process adviser's fee. The Bill requires that this fee is notified to the directors of the company in advance of the appointment of the process adviser. This means the directors can make an informed commercial decision as to who to appoint. The fees are notified to the creditors of the company as part of the provision of information concerning the proposed rescue plan. Creditors are entitled to question and object to any part of tat plan, including the process adviser's fees.

Section 588ZZ provides for the ability of any creditor to seek a court review of the process adviser's fees. The court may confirm or adjust the fees, as it sees fit, having regard to the extent to which the process adviser used appropriate resources. We inserted a further provision requiring the process adviser to keep the company's prospect of survival under constant review and places an obligation on the process adviser to resign where he or she no longer considers the business capable of rescue.

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