Courts / Ireland / Report
Shareholders in toy-makers reach agreeement
2018-07-09
Hearing Or Decision
Summary
Yvolve Sports Limited, a toy‑making firm employing 41 people in Ireland, exited examinership after its shareholders reached an agreement to recapitalise the company and secure its survival. The firm, known for the 'Flicker' scooter, had been placed under interim examination by Mr Neil Hughes following a court order to protect a key contract with US retailer Walmart. The move was prompted by cash‑flow problems caused by the bankruptcy of Toys R Us, a major customer, and a dispute between Irish and Taiwanese directors. Shareholders Cloverglade Ltd and Sino Foreign Trading Company, now the majority holder, agreed to fund the recapitalisation. Lawyers for Taiwanese shareholders and trade creditors had previously opposed the examiner's appointment, arguing that examinership was unnecessary. The judge postponed a decision after learning the parties had settled, and the case was adjourned to resolve remaining issues such as examiner fees. The agreement ensures the company's continued operation and protects jobs.
Who, what, where, when and why
What: Report matter: Shareholders in toy-makers reach agreeement. Procedural stage: hearing_or_decision
When:
- 2018-07-09 Publication
Topics
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