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ARTICLE · 17 NOVEMBER 2017

Examinership Petition Allowed To Proceed Despite Settlement Agreement

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Can an examiner be appointed to a company which had previously entered into a standstill agreement with one or more of its creditors? In Re KH Kitty Hall Holdings Limited [2017] IECA 247...

IrelandCorporate/Commercial Law
John Breslin
John Breslin
Karole Cuddihy
Karole Cuddihy
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Can an examiner be appointed to a company which had previously entered into a standstill agreement with one or more of its creditors? In Re KH Kitty Hall Holdings Limited [2017] IECA 247 the Court of Appeal answered "yes".

Does a petitioner have to show that it is unmotivated by self-interest? "No" was the court's answer.

The companies in question had entered into a standstill agreement with a secured creditor. The companies later sought the appointment of an examiner. The secured creditor objected on the basis of the standstill agreement. The court held that the standstill agreement was not, in the circumstances, a bar to the appointment of an examiner. The statutory test (reasonable prospect for the survival of the business or part of it) had been met and so it was right that the examinership should proceed.

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