Examinership ‘Lite’ – A positive option for insolvent SME Companies
The new Examinership legislation, sometimes referred to as Examinership ‘Lite’ to reflect its lower associated costs and its SME focus, was signed into law on 24th December 2013, under the title of the ‘Companies (Miscellaneous Provisions) Act, 2013’. Examinership is a highly effective corporate restructuring tool, but to date SME Companies have struggled to avail of the process, possibly because of the onerous initial High Court legal costs. The welcome arrival of SME friendly Examinership legislation is a ‘game changer’ in that regard.
It is hoped that the new legislation will finally open up Examinership as a viable restructuring solution to smaller companies, where liquidation or receivership would otherwise be inevitable.
For more info please click here.