An application to confirm the appointment of an examiner to the Irish arm of the fashion retail chain ‘New Look’ has been adjourned at the High Court following concerns from landlords.
Kelley Smith BL, for the company, secured an adjournment on Wednesday of the application from Mr Justice Denis McDonald to allow her side reply to affidavits provided on behalf of the landlords.
Rossa Fanning SC, for a number of landlords, said the company had cash reserves of some €15.6 million on the date the petition for examinership was presented last month and was not insolvent.
His side was very concerned about pre-petition liabilities and that the company had withheld rent payments to landlords when it had resources to make the payments, he said.
The landlords are concerned the company had sought to “contrive” insolvency for the purposes of using examinership to reduce its long-term liabilities even though its business
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