Examinership
Apologies to those of you already in the know,but here is a definition of what examinership actually means.Interesting to see how the part about not unfairly prejudicial to any creditor(s) '..Pans out
Examinership is a process in Irish law whereby the protection of the Court is obtained to assist the survival of a company. It allows a company to restructure with the approval of the High Court
In order to obtain the appointment of an examiner it is necessary to petition the High Court and persuade the court that there is a reasonable prospect of survival of the company and the whole or part of its undertaking if an examiner is appointed.
The examiner has a fixed period of 70 days (extensible to 100 days) inwhich to prepare a scheme of arrangement, which must be approved by at least one class of creditors of the company. If it can be shown that the scheme provides for the survival of the company and the whole or part of its undertaking and that it is not unfairly prejudicial to any creditor(s) of the company the cour thas discretion to approve the scheme.
In most schemes of arrangement an investor will invest in the company and part of the money invested will be used to pay a dividend to each class of creditors