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High Court confirms appointment of examiner to Debenhams Ireland
Summary
The High Court confirmed the appointment of Mr Kieran Wallace of KPMG as interim examiner for Debenhams Retail (Ireland) Ltd (DRIL). DRIL, which employs over 1,400 staff directly and 800 staff in concessions and cosmetics across 11 stores, has been seeking examinership after sustained losses since the 2007 recession and the withdrawal of support from its UK parent, Debenhams Retail plc. The court noted that DRIL has a reasonable prospect of survival if it follows a scheme of arrangement approved by the High Court, which would involve court protection and cost reductions, particularly rent, which the company claims are above market rates. Mr Wallace has up to 100 days to propose a scheme of arrangement with creditors. No objections were raised to the application, though Dooroy Ltd, landlords of DRIL's Dublin and Cork stores, expressed concerns that the parent company should be involved in the process.
Who, what, where, when and why
What: Report matter: High Court confirms appointment of examiner to Debenhams Ireland. Procedural stage: hearing_or_decision
When:
- 2015 and 2014 Other
- 2016-05-25 Publication
Why: Earlier this month Debenhams Retail (Ireland) Ltd (DRIL) sought examinership because of consistent losses sustained since the recession in 2007 and after the withdrawal of support of its UK parent company, Debenhams Retail plc. CNI source report
Places mentioned
- The High Court
- High Court
- Henry Street
- Patrick Street
Topics
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