Examinership Lite – FAQs
An owner managed public house and restaurant in a provincial town had seen its revenue and profitability decline significantly in the last number of years due to the recession. Like many similar operations thorough the country the owners had expanded the operation during the Celtic tiger years to cater for the increased demand. This necessitated additional borrowings for refurbishment and construction.
Arising from the down turn the business saw revenue reduce significantly and profits turn into losses. The business did not have the cash flow available to allow it continue to make the payments to its banks and suppliers.
The acting Examiners over the 100 day period assisted the owners with a refinancing plan that included:
• Cost reduction programme
• De vestment of noncore assets
• Balance sheet restructure to reduce liabilities by in the region of €600,000
• Agreed revised bank repayment plan to fit the profile of the cash flow generated by the business
• Securing the local jobs of the employees
The public house is now trading successfully and is back in a solvent position
An Entrepreneurial medical device start up was facing liquidation. The business was less than 3 years in existence and had developed some very unique and exciting technology in the medical device sector. As is usual in many early start ups the business was undercapitalised and the projected revenue lines were lower than expected and took longer to deliver. In addition the cost base was greater than projected. So the business found itself running out of cash flow and unable to pay historical debts and at the same time continue to trade forward.
In order to have breathing space to properly assess the commercial option open to the business and owners ,Examiners were called in and worked with the board and local management to finally deliver
• A multinational investment partner that identified the value in a technology combination
• A four way bidding contest for the company ( which originally was facing liquidation)
• Investment of in excess €1m
• Job retention / transfer
• Customer retention
• Company restructured balance sheet
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