Courts / Galway / Report

Court confirms appointment of examiner to well-known Galway companies

Date
2017-10-04

Stage
Appeal

Primary locality
Galway

County
Galway

Summary

The Court of Appeal confirmed the appointment of insolvency practitioner Mr Neil Hughes as examiner to seven Galway‑based companies controlled by Gerry Barrett, following a High Court decision that had dismissed an application for examinership for four firms linked to the G Hotel and Eye Cinema. The High Court had earlier appointed Hughes to three other related companies involved with the Meyrick Hotel. Deutsche Bank, which had appointed a receiver and opposed the examinership, argued it was an abuse of process and that the companies were attempting to renege on a 2016 debt settlement agreement that would have sold assets to reduce the debt to the bank. The appeal court, comprising Justices Mary Finlay Geoghegan, Michael Peart and Gerard Hogan, allowed the companies' appeal and confirmed Hughes as examiner for all seven firms, rejecting DB's cross‑appeal.

Who, what, where, when and why

What: Report matter: Court confirms appointment of examiner to well-known Galway companies. Procedural stage: appeal

When:

2017-10-04 Publication

Why: This is because the examinership system is premised on the assumption that pre-existing commercial contacts will be overridden, varied negated and dishonoured in the wider public interest of rescuing an otherwise potentially viable company, he said. CNI source report