M50 Barrier Free Tolling
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What is Examinership?
Examinership is referred to as the period of protection given by the Court to a company for a period of seventy days that is extendable up to 100 days. Throughout this period of Court protection, creditors are restrained from pursuing any legal action against the company.
” The aim of this scheme is to rescue a company from ultimately being wound up ”
An examiner is appointed by the Court to prepare, together with others, plans for a scheme of arrangement. Such plans are then presented at statutory meetings of all members, creditors, and eventually to the High Court for confirmation. Once confirmed by the High Court, this scheme is binding on the company and all its members and creditors. The aim of this scheme is to rescue a company from ultimately being wound up. It is important to note that during the protection period, the day to day business of the company remains under the control of the directors of the company, subject to certain rights of the examiner.
What are the conditions necessary for the appointment of an Examiner?
The Companies Amendment Act 1990 sets out the conditions necessary for the appointment of an Examiner:
How are Examinership proceedings commenced?
Examinership proceedings are commenced by filing a petition in the High Court. It must be accompanied by independent accountant’s report
Who can file a petition?
Section 3 of the Companies Amendment Act 1990 sets out who may file a petition:
What is the report of the independent Accountant?
Pursuant to Section 3 (3A) and (3B) of the 1990 Amendment Act, the petition to the Court to appoint an examiner must be accompanied by a report of an independent accountant. This independent accountant can be an auditor of the company or a person qualified to act as an examiner. This report must contain information including the following:
1. Details of the directors of the company.
What restrictions apply during the Court Protection period?
Section 5 of the 1990 Amendment Act outline such restrictions:
Extra Territorial Effect of the Examinership and Schemes of Arrangement
It is important to note that the automatic stay provided by the Court Protection, and the terms of the Scheme of Arrangement once confirmed by the Irish Court, are enforceable in every EU member state except Denmark.