The Bill leaves a lot of the process and procedures to be determined by the Cabinet Secretary through regulations and it does little to explain how it is proposing to fast track the administration process. It is noted that a fast-track administration process pursuant to the Bill must be court approved. Secondly, the application must be accompanied by evidence of default by the company that is subject of the application. The nature or type of default is not indicated and it introduces a further and potentially confusing classification of circumstances that can result in a company being subject to an insolvency procedure.

It is proposed in the Bill that the fast-track administration process must be completed within 18 months from the issuance of an administration order. Regular administration is already required to be concluded within a prescribed period of 12 months, which can be extended by a further six months.

According to the Bill, the process for regular administration set out in the Insolvency Act, 2015 is to apply a fast-track administration process with the necessary modifications and it is left to the Cabinet Secretary to prescribe regulations. This suggests that a moratorium (providing temporary relief against creditor enforcement) will be available to a company undergoing fast-track administration.

According to the statement accompanying the Bill, the intention of the Bill is to allow for maximisation of value of distressed assets by allowing for a quick sale or re-organisation. However, the Bill fails to set out the framework to achieve this. Some of the ways that this can be done is to specifically allow for pre-packs (an arrangement to sell or otherwise restructure the business that is agreed before insolvency is declared) or to authorise the directors to continue to manage the company during the fast-track administration process under the supervision of an insolvency practitioner.