The Director of Corporate Enforcement is to apply to the High Court to appoint an inspector to investigate the affairs of Independent News & Media, the company has revealed.
Under section 748 of the Companies Act 2014, the court may appoint an inspector to investigate the affairs of a company, and to report on those affairs to the court, if the court is satisfied that there are circumstances suggesting that the affairs of the company have been conducted in an unlawful manner or on certain other specified grounds.
The Board of INM is taking legal advice as to whether the court would have sufficient grounds to make the appointment.
"The Board and the company's management remain fully focused on the business and ensuring that the day-to-day operations are conducted as normal," an INM statement read.
"However, the appointment, if made, could result in the Company incurring material costs."
The Director is scheduled to make an application to the court for the appointment April 16.
- Digital desk