The Examinership was introduced by the Companies (Amendment) Act 1990. This had led to further options available for financially stricken companies to avail of.
A company applies to the court be placed under the protection of the court for a period of time. An examiner is appointed and he reviews the state of affairs of the company, considers the future viability of the company and if feasible puts forward proposals for the survival of the company.
A petition to appoint an examiner can be submitted to the court by the directors of the company or by shareholders (with 10% voting rights) or creditors.
The petition is accompanied by an independent accountants report. This report sets out the current financial position of the company and its expected viability.
The period of court protection is usually 100 Days but in some cases a further month can be allowed at the discretion of the Judge.
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