High Court grants protection to SCARP firm for first time

The High Court has granted protective orders to Bio Marine Ingredients Ireland Ltd, marking the first time such relief has been awarded to a company undergoing the Small Company Administrative Rescue Process. Justice Michael Quinn made the orders on Wednesday, preventing creditors from pursuing legal proceedings against the Castleblayney-based marine bio-tech firm while it develops a rescue plan. The company, which employs eight staff at Lough Egish, faces claims exceeding €400,000 from creditors including its landlord Americold Ltd, Bord Gás, and various service providers. The court heard the firm's insolvency advisor found reasonable prospects of survival as a going concern. The dispute with the landlord over alleged lease forfeiture was set aside for separate determination. The company has secured additional investment through Rolling Wave to cover operational costs during the rescue period and expects increased sales from new customers.