High Court puts SCC into examinership

THE High Court yesterday put troubled finance firm Structured Credit Company (SCC) into examinership on the basis that it still had a chance of surviving.

Ms Justice Mary Finlay Geoghegan said she was satisfied SCC’s directors, who had petitioned for the appointment of an examiner, had produced evidence as to a reasonable prospect of the company, or at least part of it surviving as a going concern.

Michael Collins, SC, who appeared for SCC with Mr Rossa Fanning, told the court that the majority of existing creditors were either supporting the petition for examinership or were adopting a neutral attitude.

Paul Gardiner, SC, counsel for Japanese banking giant Nomura International, told Judge Finlay Geoghegan that the company, which had earlier succeeded in obtaining an order for its winding up, was adopting a neutral attitude to yesterday’s examinership application.

The petition for examinership was opposed by Morgan Stanley which, the court heard, was the largest creditor of SCC.