Daly Khurshid Solicitors LLP are as one of Ireland’s leading insolvency practices with specialist knowledge and expertise in Examinerships. Our insolvency team is headed up by Partner, Gary Daly, a top insolvency expert who has acted for clients in a number of landmark insolvency cases in Ireland.
Daly Khurshid Solicitors LLP have advised and represented many examiners and companies in Ireland through the examinership process. Our team can assess your individual circumstances and advise whether Examinership would be the best route for you. As we are a full-service law firm, our insolvency specialists benefit from the combined knowledge and legal expertise of each of our legal practices, including commercial and corporate, property, banking, debt and asset recovery, litigation and dispute resolution, and employment law. In doing so, our legal advice is considered from all possible angles and provides the best chance of a favourable outcome for your company, its shareholders, employees and other stakeholders.
We act for any party who may be involved in the examinership process, whether it is the examiner, creditor, directors, shareholders or the investor into a business which is in examinership. We have been involved in many successful examinerships on behalf of various examiners and we have also successfully opposed the appointment of examiners or the implementation of schemes of arrangements on behalf of creditors who were being unfairly prejudiced.
- What is Examinership?
Examinership protects companies which are insolvent with protection from being wound up for a period of 70–100 days (with further extensions available depending on the circumstances). This protection is open to all companies. The test to determine whether a company is eligible for examinership protection is that it has a reasonable prospect of survival.
- What is the Examinership process?
A petition is filed with the Court for examinership. The Court will hear submissions on behalf of the company including recommendations contained in an independent expert’s report. The petition will name a person to be appointed examiner and must demonstrate how the company has a reasonable prospect of survival, which will be dependent on various conditions – usually including the write down of company.
The examiner has 100 days (which can be extended in certain circumstances) to formulate a “scheme of arrangement” which will outline the terms under which the company can survive and trade onwards. This will usually involve reference to investment, often from a third party. The scheme must be approved by the creditors and by the Court.