Courts / Dublin / Report

Plan to save trade finance companies to be put to creditors

Summary

The High Court heard that Mr Declan McDonald of PWC has been appointed 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. The companies attribute their financial difficulties to the collapse of JACC Sports Distributors and other issues, including fraud and client insolvencies. Mr McDonald has prepared an interim report and is working on a scheme of arrangement with creditors, hoping to present it before the end of the 100‑day examinership period. John Lavelle BL, representing the examiner, said creditors would benefit from a survival plan rather than liquidation. The court noted that both firms owe creditors over €13 million and that directors have committed €400 000 for the scheme. No objections were raised to extending the examinership period. The court heard that the examiner's report indicates a reasonable prospect of survival if the scheme is approved.

Who, what, where, when and why

What: Report matter: Plan to save trade finance companies to be put to creditors. Procedural stage: hearing_or_decision

When:

• 2021 and 2022 Other
• 2023-03-07 Publication

Places mentioned

Topics

Fraud Stage Hearing Or Decision

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Read the original CNI report