Out in QR and facing the P2 hurdle in addition to the previous 7 year stuff. There are other threads here on pprune which relate to the conversion of ICAO to part-FCL licences and they don't give much cause for thinking there will be a speedy resolution to this. The gist of the rules are that if you wish to convert an ICAO licence you have to sit all the exams for the equivalent part-FCL licence.
We already hold JAR licences (in the main) but you can see the lack of consideration of how to deal with qualifications gained abroad.
I currently fly a big Boeing but have lapsed by less than 3 years on a little one. So I'm currently working out which is less expensive, renew the little Boeing or get back into flying MEP and renew my IR that way. Neither option will be cheap