Asset management firm fails to have examiner appointed
Yesterday, Mr Justice Brian McGovern refused to appoint an examiner, thus removing the protection of the court from creditors to First Equity because the evidence put before the court by the company did not satisfy him that the firm has a reasonable prospect of survival.
The judge made his decision following concerns about the quality of evidence and about the future prospects of the firm raised on behalf of a consortium who have invested more than €10 million with the company which manages investment projects for some 400 high net worth clients and institutional investors.
