They had opposed the application for the interim examiner’s appointment, brought by Elm Corporate Credit DAC, the group’s lender and largest creditor.
On Friday, Rossa Fanning SC, for Elm, said the Cara group had been loss making every year since 2016, and was insolvent. The best course of action to save the business and the jobs was the appointment of an examiner, counsel said.
Aillil O’Reilly BL, for Cara, asked the court to adjourn Elm’s application for the appointment of an interim examiner.
He said the directors were very concerned about the impact it would have on employees and the communities they serve, as well as their own professional reputations.
The directors also considered
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