McCullagh Wall recently advised Mr. Carl Dillon of Moore Stephens as Examiner of Human + Kind Limited, a Cork-based skincare product manufacturer. Human + Kind Limited successfully exited from the Examinership “Lite” process on 27 May 2016.
Examinership ‘Lite’ allows for certain companies to apply directly to the Circuit Court for the appointment of an Examiner and has been introduced in the hope that it will provide an Examinership regime which is more SME-friendly. The Companies Act 2014 prescribes that the Circuit Court has jurisdiction where the applicant company falls to be treated as a “small company”. Two or more of the following conditions must be satisfied in relation to the applicant company’s latest financial year (i.e. the financial year that has ended prior to the date of the presentation of the petition) in order to meet the definition of a “small company”:
- The turnover does not exceed €8.8 million;
- The balance sheet total does not exceed €4.4 million; and
- The average number of employees in the company does not exceed 50.