George Lee's business programme on RTE had an item of Receivers - the persons who take possession of insolvent businesses on behalf of creditors and wind them up.
It emerged that anyone in Ireland can act as a Receiver, provided they haven't been bankrupted. No particular qualifications are required. Some are accountants and solicitors, who have plenty of experience in extracting fees in a less than transparent fashion. The costs of receivership are paid out of the assets of the insolvent business.
There are no controls on fees. The spokesperson on Lee's show said that competition would keep fees down. LOL.
A woman who had been subject to the process told her story - two men had come up behind her in her place of business, without any warning, demanded the keys and told her to issue P45s to her staff immediately, effing and blinding in the process. They were accompanied by security men. At the same time, she was phoned and told that there were similar people at her home.
The Receiver estimated that there are at least 150,000 businesses in Ireland at the point of insolvency. It's an ill wind blows nobody any good.
We are living in an economy that is effectively being liquidated, from the banks, to small local businesses. It would be very ill advised to think that there is any logical plan behind this that involves "recovery" - it is just "the hidden hand" of the market in operation, with the assistance of its attendant vultures.