ICSA Ireland

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"Compelling reasons" for convening meetings prior to confirmation

23 October 2020

Quinn J. was of the view that an application for an extension of time for delivering the report required by section 534 would be preferable to convening statutory meetings before the petition had been heard unless there were some compelling reasons otherwise.

In this case, submissions were made on behalf of the Company and a number of other parties, including clients of the Company, that time was of the essence regarding the examinership in circumstances where two important clients of the Company were threatening to terminate their relationship with the Company because of the uncertainty surrounding the examinership.  If this business was lost the Company's proposed survival as a going concern would be significantly diminished.