Courts / Ireland / Report

Award-winning toy company seeks examinership

Summary

Yvolve Sports Limited, a toy‑making firm employing 41 people in Ireland, has applied for examinership. The company, known for its 'Flicker' scooter and other outdoor and sports products, is insolvent largely because its major customer, Toy R Us, filed for bankruptcy in the United States, leaving Yvolve with a US$1.3 million debt and severe cash‑flow problems. The court heard that an independent expert report indicates Yvolve could survive if an examiner is appointed and certain steps are taken, including securing new investment, restructuring the board and gaining creditor approval of a scheme of arrangement. The proposed examiner is Mr Neil Hughes of Tilly Hughes Blake. The matter was adjourned by Ms Justice Caroline Costello to a later date in the month. Yvolve's shareholders include Clovergade Ltd (36 %), Diamondsideltd and Sino Foreign Trading Company.

Who, what, where, when and why

What: Report matter: Award-winning toy company seeks examinership. Procedural stage: hearing_or_decision

When:

• 2012 to 2016 Other
• 2018-06-05 Publication

Why: However, the award-winning firm has got into difficulties because it expanded when one of its customers, Toys R Us, filed for bankruptcy in the United States. CNI source report

Places mentioned

Topics

Stage Hearing Or Decision

Read the original CNI report