Sharmane Ltd & Ors -v- Companies Acts [2009] IEHC 377 (30 July 2009)
The court does not have jurisdiction under s.29 of the Companies (Amendment) Act 1990 to order joint and several liability for examiner's remuneration, costs and expenses across related companies; remuneration and costs must be apportioned to each company separately, and reasonable remuneration is determined by reference to prior agreement and additional justified work.
- Citation
- [2009] IEHC 377
- Parties
- Examiner: Kieran McCarthy; Creditor: ACC Bank plc.; Creditor: Ulster Bank Limited; Official Liquidator: Anthony Weldon; Petitioner: Guerneville Limited; Company: Sharmane Limited; Company: Eatoncroft Limited; Company: Jestdale Limited; Company: Kadaran Limited; Company: Topart Limited; Company: Dreemdale Limited; Company: Redfont Limited; Company: Chardermont Limited; Company: Pub Pool Limited; Company: Drew International Limited; Company: Lincole Limited; Company: Atwell Holdings Limited; Company: Kirkvale Limited; Company: Floridita (Ireland) Limited
- Jurisdiction
- Ireland
- Judgment Date
- 30 July 2009
- Procedural Posture
- Examinership Remuneration Determination / Post Examinership, Costs and Remuneration Approval
- Outcome
- Examiner's application for joint and several liability refused; remuneration, costs and expenses approved in aggregate and to be apportioned among companies.
- Legal Topics
- Examinership, Remuneration of Examiner, Joint and Several Liability, Scheme of Arrangement, Priority of Claims
Case Brief
Summary, issues, holding and outcome
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Parties
Kieran McCarthy
Examiner
ACC Bank plc.
Creditor
Ulster Bank Limited
Creditor
Anthony Weldon
Official Liquidator
Guerneville Limited
Petitioner
Sharmane Limited
Company
Eatoncroft Limited
Company
Jestdale Limited
Company
Kadaran Limited
Company
Topart Limited
Company
Dreemdale Limited
Company
Redfont Limited
Company
Chardermont Limited
Company
Pub Pool Limited
Company
Drew International Limited
Company
Lincole Limited
Company
Atwell Holdings Limited
Company
Kirkvale Limited
Company
Floridita (Ireland) Limited
Company
Procedural Posture
Examinership Remuneration Determination / Post Examinership, Costs and Remuneration Approval
Legal Issues
- 1 Does the court have jurisdiction under s.29 of the Companies (Amendment) Act 1990 to order joint and several liability for examiner's remuneration, costs and expenses across related companies?
- 2 What constitutes reasonable remuneration and legal expenses for the examiner under s.29?
- 3 How should remuneration and costs be apportioned among related companies?
Ratio Decidendi
The court does not have jurisdiction under s.29 of the Companies (Amendment) Act 1990 to order joint and several liability for examiner's remuneration, costs and expenses across related companies; remuneration and costs must be apportioned to each company separately, and reasonable remuneration is determined by reference to prior agreement and additional justified work.
Court Disposition
Examiner's application for joint and several liability refused; remuneration, costs and expenses approved in aggregate and to be apportioned among companies.
Orders
- Aggregate remuneration of €375,000 plus VAT approved for examiner.
- Aggregate legal professional fees of €350,000 plus VAT approved.
Full Case Text
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