Courts / Monaghan / Report
High Court grants protection to SCARP firm for first time
Summary
The High Court has granted protective orders to Bio Marine Ingredients Ireland Ltd, marking the first time such relief has been awarded to a company undergoing the Small Company Administrative Rescue Process. Justice Michael Quinn made the orders on Wednesday, preventing creditors from pursuing legal proceedings against the Castleblayney-based marine bio-tech firm while it develops a rescue plan. The company, which employs eight staff at Lough Egish, faces claims exceeding €400,000 from creditors including its landlord Americold Ltd, Bord Gás, and various service providers. The court heard the firm's insolvency advisor found reasonable prospects of survival as a going concern. The dispute with the landlord over alleged lease forfeiture was set aside for separate determination. The company has secured additional investment through Rolling Wave to cover operational costs during the rescue period and expects increased sales from new customers.
Who, what, where, when and why
What: Report matter: High Court grants protection to SCARP firm for first time. Procedural stage: hearing_or_decision
When:
- 2023-11-01 Publication
Why: Previously the court heard that the company got into difficulty because of higher than expected research and development costs, because the acceptance of its products with potential customers took longer than expected and due to the underperformance of a contract with a Korean supplier owing to the impact of Covid-19. Court evidence reported by CNI
Case subjects
Applicant
Applicant
Places mentioned
- High Court
Topics
Related court reports
- 'House of Horrors' abuser has jail term reduced on appeal
- 'House of Horrors' abuser claims eight year sentence was disproportionate
- 'Middle man' in Irene White murder gets legal aid for psychiatrist
- Pair who forced man to hand over €41k for son's debts are jailed
- 'Middle man' in Irene White murder to argue he was suffering 'mental breakdown' when he pleaded guilty
- 71-year-old jailed in 'house of horrors' abuse case
If a fact, identity, locality or legal outcome needs review, email the newsroom with this report's details prefilled.
Email a correction request