How long does examinership last

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Otherwise the status of the company would remain at Examinership and the individual would still appear on a company printout. Court Orders An office copy of orders made pursuant to sections , , , and must be delivered to the CRO.

Examiners must meet qualification requirements in order to act as an examiner. Section sets out the requirement. Though separate data published by Deloitte in July suggested there was a decrease in the number of insolvencies in the first half of , the professional services firm also reported a low uptake in examinership.

Specialists on the subject say there are several reasons why examinership is unpopular with businesses in crisis including high legal costs for cash-strapped firms and a lack of understanding on the process.

First introduced 30 years ago, the examinership process provides an insolvent company court protection from its creditors for days while new investment is sought. As previously explained by Fora , the troubled company must prove that it has a reasonable chance of survival. A solicitor is required to draw up an affidavit to petition the court and an independent accountant prepares a report for the court. In the case of Baker Tilly, one of the main providers of corporate recovery services, nine of the 12 examinerships it oversaw last year resulted in the businesses returning to normal trading.

An index it published this year also suggested the process has saved some 15, jobs since