Full coverage: examinership

Construction firm Sonica built its reputation on inspirational office fit-outs – until Covid-19 dampened the market. Struggling for survival, here is how the Dublin firm plans to claw its way back.

Six months after the first American Eagle shop opened in Dublin, the US clothing brand terminated the European franchise, leaving an Irish company facing multi-million debts and liquidation. In a surprise move, the publicly traded Pittsburgh firm then tried to save the business through examinership – but not everyone was happy.

The examiner of a major retail logistics company at Dublin Port alleged assets worth hundreds of thousands of euro were transferred out of the business while it was insolvent. But his statutory powers expired before he could take steps to rectify the alleged fraud. What happened?

In a landmark judgement, the High Court has agreed with landlords that the retailer New Look is not yet insolvent and has set aside the appointment of an interim examiner. The result is expected to set down a marker for failing businesses in the Covid era.