Rathwood<\/a>\u2019s survival was \u201centirely contingent\u201d on external investment. <\/p>\nIn a report opened to the court on Wednesday, examiner Padraic Bermingham said he remained of the opinion that the company had a reasonable prospect of survival.<\/p>\n
Bermingham said an investment proposal from a potential investor had been advanced, with draft agreements issued and the completion of binding terms anticipated on Thursday. <\/p>\n
He said the potential investor is independent of the company\u2019s shareholders and management, but is \u201cfamiliar with the company\u2019s affairs\u201d. <\/p>\n
The examiner said the company\u2019s survival was singularly based on securing the proposed external investor. <\/p>\n
Judge Rory Mulcahy acceded to an application by barrister Stephen Brady, for Bermingham, to extend the court\u2019s protection of the business to a date in July. <\/p>\n
The judge said there was \u201cbasis for concern\u201d arising from the manner in which the examinership was progressing, noting the company had accepted orders \u201cperhaps contrary\u201d to trading controls put in place during the examinership.<\/p>\n
In his report, Bermingham said company management reported \u201ca small number\u201d of instances where staff accepted customer orders outside the controls, amounting to \u201cless than \u20ac20,000\u201d worth of orders.<\/p>\n
Keith Farry, barrister for the company directors, said he was instructed that previous procedures, which allowed for such trading, had ended.<\/p>\n
The judge said he wanted further information about the position of customers and those in a position to obtain chargebacks. <\/p>\n
The judge also noted a failure by the company to discharge debts owed to Revenue arising during the examinership period. <\/p>\n
In his report, Bermingham said, \u201ccertain Revenue liabilities arising during the protection period remain outstanding\u201d. <\/p>\n
The court heard Revenue was informed by the company that the debts due would be paid this week. <\/p>\n
Notwithstanding the issues of concern raised, the judge said the company seemed to have a reasonable prospect of survival and agreed to extend the protection period. <\/p>\n","protected":false},"excerpt":{"rendered":"A deal with an investor to save the troubled Co Carlow home and garden centre Rathwood is expected…\n","protected":false},"author":2,"featured_media":528380,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,224919,1128,61,60,3405],"class_list":["post-528379","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-england-v-congo-dr-fifa-world-cup-round-of-32-atlanta-stadium-pa2026","tag-football","tag-ie","tag-ireland","tag-soccer"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/528379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=528379"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/528379\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/528380"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=528379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=528379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=528379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}