{"id":564820,"date":"2026-07-23T20:32:11","date_gmt":"2026-07-23T20:32:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/564820\/"},"modified":"2026-07-23T20:32:11","modified_gmt":"2026-07-23T20:32:11","slug":"majority-of-creditors-approve-rescue-plan-for-rathwood-high-court-hears-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/564820\/","title":{"rendered":"Majority of creditors approve rescue plan for Rathwood, High Court hears \u2013 The Irish Times"},"content":{"rendered":"

A majority of creditors of troubled home and garden retailer Rathwood<\/a> have approved a rescue plan for the company, the High Court<\/a> has heard.<\/p>\n

Rathwood, a business controlled by the Tullow, Co Carlow<\/a>-based Keogh family, entered examinership<\/a> in late April. The company currently has total liabilities of \u20ac21.16 million, according to figures provided to the court.<\/p>\n

Lawyers for the company\u2019s examiner, Padraic Bermingham, are now seeking a court order approving a rescue plan for the business, known as a scheme of arrangement. <\/p>\n

If implemented, the plan will see an external investor come on board and new management take control of the business.<\/p>\n

According to his latest report, opened to Judge Rory Mulcahy on Thursday, Bermingham remains of the view that the company has a reasonable prospect of survival if the rescue plan is implemented. <\/p>\n

[\u00a0Rathwood: \u2018domino effect\u2019 led to disarray and thousands of dissatisfied customersOpens in new window<\/a>\u00a0]<\/p>\n

He said the plan, in his opinion, was \u201cin the best interests of creditors as a whole\u201d, and would provide a more favourable outcome than if the company were wound up.<\/p>\n

The plan provides for the continuation of the business, and the retention of its 62 employees, he said.<\/p>\n

At the hearing, barrister Stephen Brady, for Bermingham, told the judge a majority of the company\u2019s creditors had approved the rescue plan at meetings held this week, and indicated his side was seeking a hearing date for the court to consider the plan. <\/p>\n

Under the Companies Act 2014, the court must consider a scheme of arrangement, and decide on whether to approve it or not.<\/p>\n

The court heard that Revenue was considering whether to mount an objection to the scheme of arrangement.<\/p>\n

Sally O\u2019Neill, counsel for Revenue, said her client had engaged an expert as part of that consideration. <\/p>\n

Responding to the judge\u2019s suggestion that a confirmation hearing be held in September, O\u2019Neill said her understanding was that the company was currently unable to support itself. <\/p>\n

In those circumstances, it was important that the matter bedealt with as soon as possible, to allow the rescue plan to take effect, or alternatively, start a winding down of the company, she said.<\/p>\n

Barrister Diana Markina, for the company, said her client was supportive of the examiner\u2019s application. <\/p>\n

The judge made directions and said the case could return next week.<\/p>\n","protected":false},"excerpt":{"rendered":"A majority of creditors of troubled home and garden retailer Rathwood have approved a rescue plan for the…\n","protected":false},"author":2,"featured_media":528380,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,16665,73,61,60,173552,11522],"class_list":["post-564820","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-carlow","tag-high-court","tag-ie","tag-ireland","tag-rathwood-home-and-garden-world","tag-revenue-commissioners"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/564820","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=564820"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/564820\/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=564820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=564820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=564820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}