Examinership
The 1990 Companies Act introduced the process of Examinership. In order for a company to be suitable for Examinership, the High Court has to be satisfied that the company (and the whole or any part of its undertaking) would have a reasonable prospect of survival. In essence, there must be a business that is either viable, or can be made viable.
The process itself begins with a petition presented to the High Court. The process provides business with a defined period of time, to enable it to deal with its debts and focus on what is the best way forward.
Under the legislation, once an Examiner is appointed to a Company, the Company is under the protection of the High Court whilst the Examiner formulates a Scheme of Arrangement with the Company’s creditors.
In practice the Examiner will work closely with the directors to re-assure creditors, employees and staff. Unlike liquidations, the directors are responsible for the day to day management of the company.
We can provide the following services:
- Advise on the suitability of Examinership.
- Assist in preparing an application to the High Court for the appointment of an Examiner.
- Act as the reporting Independent Accountant.
- Act as the Examiner.