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_(style_of)_-_A_Hand_Holding_an_Empty_Purse,_The_Emblem_of,_%E2%80%98No_suffering_can_compare%27_(with_that_of_the_bankrupt_spendthrift)_-_1298194_-_National_Trust.jpg) |
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| Restructuring |
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Examinership[1]: 1379–1460 [2]: 489–608 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.
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[3]: 1344 (extensible to 100 days[3]: 1369 ) in which 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 court has 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.[3]: 1321
- ^ Courtney, Thomas (2012). The Law of Companies 3rd ed. LexisNexis Butterworths. ISBN 978-184766-951-3.
- ^ Lynch-Fannon, Irene; Murphy, Gerard (2012). Corporate Insolvency and Rescue 2nd ed. Bloomsbury Professional. ISBN 978-184766-379-5.
- ^ a b c Courtney, Thomas (2002). The Law of Private Companies 2nd ed. LexisNexis Butterworths. ISBN 1-85475-265-0.
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