In the Matter of Eircom Ltd & Ors -v- Companies Acts [2012] IEHC 107 (30 March 2012)

In the Matter of Eircom Ltd & Ors -v- Companies Acts [2012] IEHC 107 (30 March 2012)

The companies are insolvent but have a reasonable prospect of survival as a going concern if restructuring occurs. Judicial discretion supports appointment of an interim examiner and payment of pre-petition liabilities to preserve business continuity.

Citation
[2012] IEHC 107
Parties
Applicant: Eircom Limited; Applicant: Meteor Mobile Communications Limited; Applicant: Irish Telecommunications Investments Limited
Jurisdiction
Ireland
Judgment Date
30 March 2012
Procedural Posture
Application for Appointment of Interim Examiner / Interlocutory Order
Outcome
interim examiner appointed; court protection granted
Legal Topics
Examinership, Insolvency, Debt Restructuring, Court Protection, Pre Petition Liabilities
Corporate Insolvency Company Law Examinership Insolvency Debt Restructuring Court Protection Pre Petition Liabilities

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Parties

Eircom Limited

Applicant

Meteor Mobile Communications Limited

Applicant

Irish Telecommunications Investments Limited

Applicant

Procedural Posture

Application for Appointment of Interim Examiner / Interlocutory Order

Legal Issues

  1. 1 Whether the companies are insolvent
  2. 2 Whether there is a reasonable prospect of survival as a going concern
  3. 3 Whether the court should exercise its discretion to appoint an interim examiner

Ratio Decidendi

The companies are insolvent but have a reasonable prospect of survival as a going concern if restructuring occurs. Judicial discretion supports appointment of an interim examiner and payment of pre-petition liabilities to preserve business continuity.

Court Disposition

interim examiner appointed; court protection granted

Orders

  • Court protection afforded to Eircom Limited, Meteor Mobile Communications Limited, and Irish Telecommunications Investments Limited.
  • Mr. Michael McAteer of Grant Thornton appointed as interim examiner pending hearing of the petition.