HBMO Solicitors LLP litigation team was delighted to assist and represent Mosco Plastics Ireland Limited in their recent successful High Court application for the appointment of an Examiner.
With many Irish businesses facing significant loss arising out of measures imposed due to the COVID-19 pandemic, insolvency is sadly unavoidable for some. Directors of companies in financial difficulty should take action to review any prospect of survival, including considering Examinership.
Examinership is a corporate rescue process which gives an insolvent company protection from its creditors for a period of up to 100 days. The company must have a reasonable prospect of survival. When considering whether to grant an application to place a company in examinership, the court will consider an independent accountant’s report. Creditors also have the right to be heard during the court hearing.
*The content of this article is intended to merely provide a general guide. Specialist advice should always be sought.