We are a leading domestic advisor in the areas of examinerships having acted in some of the country’s most high-profile matters in recent times. Our clients include, distressed companies, Accountants, Creditors, Investors and Private Clients.
We actively advise Insolvency Practitioners appointed to companies in all sectors, including construction, retail, security, bars and nightclubs ensuring the best commercial result is achieved at all times. In addition, we advise private clients seeking investment opportunities or a method of restructuring corporate debt.
Our team at Brady Kilroy have acted in 50+ Examinership cases at High Court and Circuit Court level, on behalf of companies, Examiners, creditors, investors and individuals. We are exceptionally experienced in the process and have strategic relationships with leading Insolvency Practitioners. A small sample of some recent cases we advised upon across a wide spectrum of industries, 100% of which were successful, include:
Donal MacNally Opticians Limited [2019/01213]
Stresslite Tanks Limited [2019/160];
Cool Cat Plant Services Limited ;
Karaoke Box Limited t/a Ukiyo Bar [2019/05062];
I Supply Limited [2019/98]
B&D Food Emporium Gorey Limited 2018/508CA;
Denis Moriarty Civil Engineering Contractors ;
Conway Piling Limited 2018/370COS;
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Examinership is a mechanism provided for the rescue and return to health of ailing but viable companies. The necessity for this process has never been more prevalent than now, during such harsh economic times. A company must be (a) insolvent and (b) have a reasonable prospect of survival to qualify for Examinership. A company can be afforded up to 100 days protection from its creditors (by the Circuit or High Court depending on its level of turnover), within which time they must formulate proposals for a Scheme of Arrangement which must be approved by an impaired class and ratified by the Court. The optimum outcome of the process is that creditor balances are reduced, the assets of the company are protected and investment is procured. The Company’s directors normally remain in control of the business during the examination process which is supervised by an expert Accountant under the advices of qualified lawyers. When successful, the company’s balance sheet will be in considerably better shape allowing it to retain employment and ideally thrive into the future.
The whole process from start to finish is a nuanced one, requiring expert guidance throughout. Not all companies are suitable candidates for Examinership and often an incorrect diagnosis can be detrimental. It is imperative that you obtain accurate, concise, trusted legal and accountancy advice.
Part 9 of the Act; Sections 449 – 454: Schemes of Arrangement provisions provide that an arrangement may be entered into by a company about to be, or in the course of being, wound up. Such an arrangement is entered into between the company and its creditors and requires the consent of the members of the company, which must be given by special resolution (a majority of 75% of the members), and the consent of 75% in number and value of all creditors of the company.
A Scheme of Arrangement proposal must be prepared and sent to shareholders/creditors. If shareholders and creditors meetings vote in favour of the scheme to the requisite value, then it is necessary to bring an application to the High Court to have the scheme sanctioned and approved pursuant to Section 453 (2)(c) of the Act. Once sanctioned by the Court the scheme is binding upon creditors.
Although the company will cease to be a going concern, it is still absolutely imperative that accurate and trusted legal advice is obtained. Sound advice can make a significant difference in protecting various commercial interests.
Our team at Brady Kilroy have acted in multiple Liquidations in the High Court on behalf of companies, directors, creditors and the Revenue Commissioners. We also act in the prosecution and defence of restriction/disqualification of company directors. We are exceptionally experienced in the process and have strategic relationships with leading Insolvency Practitioners. A small sample of some recent cases we advised upon, include:
- PGP Entertainment Limited [High Court Record Number 2019 No. 158 COS]
- Business Mobile Security Services Limited [High Court Record Number 2019 No. 284 COS]
- Lndos Wedding Limited [High Court Record Number 2019 No. 339 COS]
- Tintri Ireland Limited [High Court Record Number 2019]
- Webprint Limited [High Court Record Number 2018 No. 406 COS]
- Hutton International [High Court Record Number 2017 294]