Step One Permanent Solutions & Companies Acts [2015] IEHC 284 (06 May 2015)

Step One Permanent Solutions & Companies Acts [2015] IEHC 284 (06 May 2015)

The court refused to appoint an examiner because, despite a threshold finding of a reasonable prospect of survival, there was poor stewardship, significant non-disclosure regarding the overlap with a previous insolvent company, and the interests of the main creditor (Revenue) weighed against relief. The court found that the majority of jobs at risk were not likely to be lost to the economy, and the company's failures in disclosure and management were decisive.

Citation
[2015] IEHC 284
Parties
Applicant: Step One Permanent Solutions Limited; Respondent: Revenue Commissioners
Jurisdiction
Ireland
Judgment Date
06 May 2015
Procedural Posture
Application for Appointment of Examiner Under Companies (amendment) Act 1990 / High Court Judgment on Petition
Outcome
Petition dismissed; appointment of examiner refused.
Legal Topics
Examinership, Corporate Insolvency, Directors' Duties, Disclosure Obligations, Phoenix Companies
Insolvency Law Company Law Examinership Corporate Insolvency Directors' Duties Disclosure Obligations Phoenix Companies

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Parties

Step One Permanent Solutions Limited

Applicant

Revenue Commissioners

Respondent

Procedural Posture

Application for Appointment of Examiner Under Companies (amendment) Act 1990 / High Court Judgment on Petition

Legal Issues

  1. 1 Whether the company has a reasonable prospect of survival as a going concern
  2. 2 Whether the court should exercise its discretion to appoint an examiner
  3. 3 Whether there was material non-disclosure and lack of utmost good faith by the petitioner

Ratio Decidendi

The court refused to appoint an examiner because, despite a threshold finding of a reasonable prospect of survival, there was poor stewardship, significant non-disclosure regarding the overlap with a previous insolvent company, and the interests of the main creditor (Revenue) weighed against relief. The court found that the majority of jobs at risk were not likely to be lost to the economy, and the company's failures in disclosure and management were decisive.

Court Disposition

Petition dismissed; appointment of examiner refused.

Orders

  • Refusal to appoint an examiner to Step One Permanent Solutions Limited.