Fate Park Ltd & Ors -v- Companies Acts [2009] IEHC 375 (29 July 2009)

Fate Park Ltd & Ors -v- Companies Acts [2009] IEHC 375 (29 July 2009)

The court has no jurisdiction to grant the examiner the powers of a liquidator under s. 9(4) unless an order is first made under s. 9(1) transferring directors' powers to the examiner, which requires satisfaction of the criteria in s. 9(2); as these criteria were not met and no such order was sought, the application...

Source-derived case information.

Citation
[2009] IEHC 375
Parties
Applicant: Fate Park Limited; Applicant: Castlebar Oil Company Limited; Applicant: Hughes and O’Boyle Fuel Oil Limited; Applicant: Finn Valley Oil (Liscooly) Limited; Applicant: Hi-Way Oil (Tuam) Limited; Applicant: O’Grady Oil Limited; Applicant: William O’Riordan (Examiner); Respondent: Kevin Thomas Cunniffe
Jurisdiction
Ireland
Judgment Date
29 July 2009
Procedural Posture
Company Law Application (examinership) / High Court Judgment on Examiner's Application for Liquidator Powers
Outcome
Application refused
Legal Topics
Examinership, Powers of Examiner, Liquidator Powers, Disclaimer of Unprofitable Contract, Scheme of Arrangement
Company Law Insolvency Law Examinership Powers of Examiner Liquidator Powers Disclaimer of Unprofitable Contract Scheme of Arrangement

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Parties

Fate Park Limited

Applicant

Castlebar Oil Company Limited

Applicant

Hughes and O’Boyle Fuel Oil Limited

Applicant

Finn Valley Oil (Liscooly) Limited

Applicant

Hi-Way Oil (Tuam) Limited

Applicant

O’Grady Oil Limited

Applicant

William O’Riordan (Examiner)

Applicant

Kevin Thomas Cunniffe

Respondent

Procedural Posture

Company Law Application (examinership) / High Court Judgment on Examiner's Application for Liquidator Powers

Legal Issues

  1. 1 Whether the court can grant an examiner the powers of a liquidator under s. 9(4) of the Companies (Amendment) Act 1990 without making an order under s. 9(1)
  2. 2 Whether the requirements of s. 9(2) are satisfied to justify transfer of directors' powers to the examiner

Ratio Decidendi

The court has no jurisdiction to grant the examiner the powers of a liquidator under s. 9(4) unless an order is first made under s. 9(1) transferring directors' powers to the examiner, which requires satisfaction of the criteria in s. 9(2); as these criteria were not met and no such order was sought, the application must be refused.

Court Disposition

Application refused