Courts / Ireland / Report
Toy-maker does not need to be in examinership, asian shareholders argue
Summary
The High Court will decide on Monday whether Yvolve Sports Limited, a toy‑making firm employing 41 people, should remain in examinership. Ms Justice Caroline Costello appointed Mr Neil Hughes as interim examiner after the court was told that an examiner was needed to protect a key contract with US retailer Wallmart, which has been affected by the bankruptcy of Toy R Us. Yvolve's Irish directors and Taiwanese directors are in dispute. An independent expert said the company is insolvent but could survive if steps such as appointing an examiner are taken. Lawyers for a Taiwanese shareholder and trade creditors asked the judge not to confirm Mr Hughes, arguing that the company does not need examinership. Clovergade Ltd, an Irish shareholder, opposed this, fearing liquidation if examinership ended. Counsel for Chinese shareholders said they could recapitalise the firm with €1m‑€1.5m, but the amount was deemed insufficient to cover debts.
Who, what, where, when and why
What: Report matter: Toy-maker does not need to be in examinership, asian shareholders argue. Procedural stage: hearing_or_decision
When:
- 2018-06-29 Publication
Places mentioned
- The High Court
Topics
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