Why was Examinership introduced?
Examinership was introduced to enable insolvent companies explore all opportunities for their survival in an inclusive process that involves the appointment of an Examiner (usually a practising accountant) to examine the business and shepherd the company through a breathing-space restructuring period of up to 100 days.
What is an Examinership?
Examinership is a process whereby the protection of the court is obtained to assist the survival of a company. Essentially it allows a company to restructure with the approval of the High Court. The process usually results in the intangible assets of the company being protected, investment being obtained, the creditors accepting a Scheme of Arrangement and in the short term at least, directors retaining control.
When is an Examinership appropriate?
An Examinership is generally appropriate when there is a viable trading business with employees who depend on the company for their livelihoods and that business has a reasonable prospect of survival should a Scheme of Arrangement be entered into with the company’s creditors.
Who can avail of an Examinership?
Any insolvent Irish company with a reasonable prospect of survival can seek the appointment of an Examiner.
What is Hughes Blake’s experience of Examinerships?
Hughes Blake has developed considerable expertise in Examinerships. Having acted either directly or indirectly in over 75 examinerships in Ireland in recent years our staff possess a high level of knowledge and experience in this area.
How can Hughes Blake assist?
• Assist a company in determining whether it is suitable for Examinership.
• Act as Examiner if nominated by the shareholders, directors or creditors.
• Advise and assist companies in preparing their application to the High Court for the appointment of an Examiner.
To find out more about Examinership, please visit www.examinership.ie
Or get in touch with us.
Neil Hughes, Managing Partner – neil.hughes@hughesblake.ie or
Kieran McCarthy, Partner – kieran.mccarthy@hughesblake.ie