The Petition
 Identify the petitioner
 Insolvency or near insolvency
 No liquidation
 (Receiver for less than 30 days)
 Includes current statement of assets and
liabilities
 Description of business and basis for reasonable
prospects of survival as going concern
 Nomination of examiner
Assessment of solvency
Assets:
€
Fixed Assets
€
Equity and Liabilities:
Share Capital and Reserves
Issued Capital
90.000,00
Accumulated losses
Plant and Machinery
500.000,00
(420.000,00)
80.000,00
Current Assets
Work in progress
Cash at Bank
Long Term Liabilities
Long Term Portion of Bank Loans
1.920.000,00
20.000,00
1.940.000,00 Current Liabilites
Current portion of Bank Loans
Amount due to buyer of property
Creditors for taxes and payroll
Creditors for P&M
960.000,00
580.000,00
200.000,00
150.000,00
60.000,00
990.000,00
Total Assets
2.030.000,00
2.030.000,00
Verifying Affidavit
 Evidence showing “good reason” for seeking
examinership
 Nature of business and numbers of employees
 Trading history and reasons for insolvency
 Prospects for business if restructured
 Evidence of support from creditors
 Evidence of interest from potential investors
 Independent expert’s report
Separate Affidavit of compliance
 Formal affidavit regarding:
– Service
– Advertising
– Companies Registration Office filing
The Independent Expert’s Report
 Statutory information
 Statement of affairs as at recent date
 Opinion on reasonable prospect of survival as a
going concern
 Opinions and recommendations
 Details of funding required for examinership
period
 Payment of pre-petition liabilities
 Formation of creditor’s committee
Investment Required
 The level of investment
– Working capital needs
– Examinership fees and expenses
– Cost of the proposed scheme
 Terms of Investment
– Equity (classes of shares)?
– Loans/subordinated loans?
Proposals for a Scheme of
Arrangement
 Specify the classes of members and creditors
 Specify the impaired classes and any class not
impaired
 Provide the same treatment for each member of a
class
 Provide for implementation (investment
agreement and/or realisation of assets)
 Specify changes to memo and arts, management
and board of company
Proposals for a Scheme of
Arrangement
 Retain business premises if possible
 Statement of assets and liabilities (going
concern)
 Statement of assets and liabilities (on
liquidation)
Explanatory Memorandum
 History of trading and source of difficulties
 Statement of classes and treatment of classes
 Explain source of funding for scheme and any
amount to be retained in business for working
capital
 Disclosure of directors’ interests and any
differing effect on them
Examiner’s Report to Court
 Includes proposals and any modifications
 Details of attendance and votes at meetings
 Statement of assets and liabilities at date of
report
 List of creditors, including values and security
 Any recommendations
 Recommendations of the creditors’ committee
 Formal proofs
Examiner’s Affidavit
 Exhibits report
 States proposals are “just and equitable” and
“not unfairly prejudicial”
 Sets out agreed level of investment
 Exhibits trading outcome during examinership
 Sets out basis for scheme as providing for
“survival as a going concern”