SHOCK AS EASONS LETTERKENNY GOES INTO EXAMINERSHIP

first_imgExclusive: THERE is shock in the business community today after Donegal Daily learned that the company which runs Easons at the Courtyard Shopping Centre in Letterkenny was placed in examinership.The interim examinership which was granted in the High Court in Dublin on Friday afternoon.It gives protection to the company from its creditors for up to 100 days. It is different from liquidation or receivership in that it is designed to allow a company in financial difficulty to re-structure debt in the hope of continuing to trade. However it also means creditors owed money won’t be able to claim it before Christmas.Michael McAteer of Grant Thornton, Chartered Accountants was appointed by the High Court as Interim Examiner of Bookfinder Limited.The company’s current directors are Alan Bundschu and Mark Bundschu. It was founded in Galway in 1986 is headquartered in Salthill.The prime purpose of the Examinership process is to assist companies in financial difficulty and to allow the Examiner formulate a rescue plan for the Company. “The protection period of the Court can extend up to a maximum of 100 days from the presentation of the petition. During this period no creditor is entitled to institute any proceedings against the Company nor can a secured creditor seek the appointment of a Receiver,” Bookfinder Limited said in a letter to people owed money today.The letter goes on: “If the Examiner considers that the Company is capable of surviving he must then formulate what is termed a “Scheme of Arrangement” (“the Scheme”), dealing with liabilities of the Company as at the date of presentation of the petition.“This process is done in close consultation with the management, shareholders and creditors of the Company. The Scheme, when formulated, is presented to the various classes of the Company’s creditors so they can express their views as to its acceptability or otherwise.“The Examiner then reports the outcome of those meetings to the Irish High Court who will then decide whether the Scheme has sufficient support to warrant an order to put the Scheme into effect. Once this order is made the Scheme becomes binding on all creditors and comes into effect not later than 21 days after the Scheme has been approved by the Court.“For Examinership to succeed it is essential that the Company continues without undue disruption while it is under the protection of the Court. In this regard, the Examiner, unlike a Receiver or Liquidator, does not take over the executive powers of the Company.” Creditors are told to contact Grant Thornton with details of the money owed to them.SHOCK AS EASONS LETTERKENNY GOES INTO EXAMINERSHIP was last modified: November 17th, 2015 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:courtyardEasonsexaminershipShockShopping centrelast_img

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