Courts / Ireland / Report
Mac Interiors given more time to see if modified survival scheme can be agreed
Summary
The High Court has granted Mac Interiors additional time to determine whether a new investor will support a "modified" scheme of arrangement that could allow the company to exit examinership and continue as a going concern. Mr Justice Michael Quinn had earlier ruled that the court lacked jurisdiction to approve the scheme proposed by examiner Kieran Wallace, which was opposed by Revenue. After the court's decision, a previously committed investor withdrew, but the examiner's lawyers informed the judge that a new, unnamed investor is interested in funding a modified scheme. The judge gave the examiner until Wednesday morning to present an alternative proposal, stressing that any application to continue the examinership must be backed by evidence. The court rejected the original proposal to return Mac Interiors to solvency, noting that the only impaired creditor class had been "erroneously formed" and that no valid meeting had accepted the plan.
Who, what, where, when and why
What: Report matter: Mac Interiors given more time to see if modified survival scheme can be agreed. Procedural stage: hearing_or_decision
When:
- 2023-10-10 Publication
Places mentioned
- The High Court
Topics
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