Courts / Ireland / Report
Interim examiner appointed to Cara Pharmacy group
Summary
In a High Court hearing on 4 September 2020, the court appointed Mr Ken Tyrell of PWC as interim examiner to Cara Pharmacy Unlimited Company and its related entities, despite objections from the group's directors, Ramona and Canice Nicholas. The appointment was requested by Elm Corporate Credit DAC, the group's largest creditor, which argued that Cara had been loss‑making since 2016 and was insolvent. The judge, Mr Justice Michael Heslin, declined to adjourn the application and stated that the examiner's role would not tarnish the directors' reputations. He noted that an independent report suggested the group could succeed if it restructured, attracted fresh investment, and secured court approval for a scheme of arrangement. Elm offered to provide funds during the examinership, while the group faced a €16.3 million deficit if wound up. The court set a hearing for two weeks later to address any objections.
Who, what, where, when and why
What: Report matter: Interim examiner appointed to Cara Pharmacy group. Procedural stage: hearing_or_decision
When:
- 2016 and 2019 Other
- 2020-09-04 Publication
Places mentioned
- The High Court
- High Court
Topics
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