Judge dismisses application for firms to be placed in examinership
That proposition, however, was rejected by Mr Justice Dignam.
A purported attempt last weekend by the companies, which was done without the knowledge of their Irish lawyers, to have their dispute with the petitioning creditors go before an arbitrator in the UK was also questionable. There was a lack of financial information, as well as information about the locations, availability and condition of the firms’ aviation and shipping assets, the court also noted.
The judge delivered his decision on Wednesday afternoon after considering both petitions from several creditors of the company to have the two firms wound up, as well as the company’s application to be placed into examinership. The other two creditors are Ben Oldman Special Situations Fund LP and Sona Credit Master Fund Limited, which are both registered in the Cayman Islands.
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