Lenders, really, are not the issue here. They will find a way to adapt. They may charge more for the risk that they're taking and can't calculate, but the real people we have to talk about here are the unsecured trade creditors. Now a 79% recovery for a pensioner is a bad thing. They're expecting 100%. However, the trade creditors are going to get zero per cent under this bill. They are the ones at the bottom of the stack. Today there's often something there for them. There will be nothing if the pension deficit is large and it goes to the top of the stack.
The unsecured trade creditors represent the micro, small and medium-sized businesses in the country that the World Bank estimates account for 80% of economic activity. They're the ones who are getting affected, and, no, they're not going to be able to protect themselves. They're going to still try to sell their products and services on credit and take that risk, and some of their customers are going to go down. Unlike now where they usually will get some recovery over time, they are going to get zero. For that reason, we should find the other solutions to this problem. Yes, it is a problem. Yes, it needs to be fixed. Inverting the capital stack with the priorities, as this bill purports to do, is not the right way to do that, in my opinion.