Courts / Dublin / Report
High Court appoints examiner to trade finance companies
Summary
The High Court appointed insolvency practitioner Declan McDonald of PWC as examiner to Tower Trade Finance Ireland Limited (TTFI) and Deal Partners Logistics Ltd (DPL). TTFI has a net asset deficiency of €10.1 million and DPL €9.5 million. Both companies suffered financial difficulties after the liquidation of JACC Sports Distributors, which had supplied sports kits to the FAI. TTFI provided trade finance through loans or purchasing goods and reselling them, while DPL raised funds from individual shareholders. Investors expressed concerns, with a straw poll showing a majority opposed to examinership. The judge noted that the companies owe creditors over €13 million and that an independent report suggested a reasonable prospect of survival if a scheme of arrangement is approved. The examiner has up to 100 days to prepare a survival scheme, and the matter was adjourned to early March.
Who, what, where, when and why
What: Report matter: High Court appoints examiner to trade finance companies. Procedural stage: hearing_or_decision
When:
- 2021 and 2022 Other
- 2023-02-17 Publication
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