The way the insolvency system works is that it has a number of objectives. One of them is to prevent what we call a race to the courthouse. It tries to have an orderly mechanism to ensure that nobody can essentially call their loan or use other mechanisms to get paid at the expense of others.
The other element of that is that like gets treated like. Essentially, there's usually a prorated distribution across the entirety of a category, so all unsecured creditors, for instance, normally get a pro rata proportion of what's left at that point. Super priority would largely be the same. If you had a very significant call on the initial estate—and we should be clear that there are lots of examples where that's been the case, particularly when there's been provincially regulated pensions that have had significant unfunded pension liabilities—there may not be enough money to actually get through stage one. To our mind, that also has a significant knock-on effect, in terms of preventing restructuring.