Restructuring Group Brief - Examinership in Ireland
06.04.2009
Examinership is a court enforced moratorium on creditor action which allows a period of time during which a company can be restructured. It is similar in many ways to the Chapter 11 procedure in the United States. In addition to the automatic stay on creditors’ rights, the process involves the appointment of an individual (invariably an accountant) to act as examiner. The examiner is charged with formulating roposals for a compromise or scheme of arrangement between the company and its members and/or creditors (“Proposals”). The examiner has no xecutive role and the company’s directors and management remain in control of the company and of its day-to-day operations throughout the protection period.
