hueyracer is right, it all depends.....
It would be fair to say that the responses from your management could be on a 'spectrum', as follows:
1. Summary dismissal without any appeal;
2. Notice of termination with the chance of appeal;
3. Formal written warning, followed by retest;
4. Formal written warning with retraining before retest;
5. Informal chat, retraining, retest;
6. Retraining is scheduled without informal chat;
7. Examiner is fired and you are promoted to check captain.
OK, number 7 is a joke but you see what I'm getting at. It all comes down to the 'company culture' or 'How we do things around here'. This should be spelled out in your contract of employment, or maybe you'll have to dig a little into the 'Training Manual'. Look for chapters entitled, 'Managing poor operational standards' or similar.
A good start would be to talk with a friendly check-pilot or your line manager/chief pilot. If you feel that this is too difficult, get in touch with your union (if you have one).
Most enlightened companies will try to find out if there are external problems (home/married life, health issues, bereavement, financial pressures) which are affecting your performance. Have an honest look at your own situation and see if there is anything that may need sorting out before you try again.
Good luck!
Eckhard