'Confidence' that Horse Sport Ireland will survive

HSI employs 47 people from its headquarters in Naas, Co Kildare, and was granted a petition for its examinership last August. File picture: ©INPHO/Presseye/Russell Pritchard

A High Court judge has said there is "confidence" that Horse Sport Ireland will survive after a financial examiner asked for added time to design a scheme of payments to creditors for the company, which supports the multimillion-euro equestrian industry.

At the High Court on Tuesday, Ross Gorman, for the court-appointed examiner, successfully applied for the extension, which was granted by Mr Justice Cian Ferriter.

Mr Gorman, instructed by Kane Tuohy LLP solicitors, told Mr Justice Ferriter that the examiner, chartered accountant Joe Walsh, had undertaken "a lot of productive work" to secure funding for the indebted HSI. 

Mr Walsh's report "expressed optimism" for a resolution of the HSI liabilities, which amount to approximately €3m, said Mr Gorman, adding that there had been constructive engagement with key stakeholders and notice parties in the matter.

Mr Justice Ferriter said he had read Mr Walsh's report and commented that the examiner believes there is a "reasonable prospect" of the survival of the company.

Mr Justice Ferriter said Mr Walsh's report also expressed "confidence for a scheme of arrangements" of payments.

Last Month, Mr Walsh told the High Court that HSI performed a "very important function within the equestrian industry in Ireland". He said he was aware that sporting horses are worth in excess of €1bn annually to the Irish economy and support upwards of 20,000 jobs.

“Horse breeding in Ireland is world renowned and is a significant export business, with the majority of breeders selling horses outside the country,” he said.

HSI employs 47 people from its headquarters in Naas, Co Kildare, and was granted a petition for its examinership last August.

HSI receives around €5m a year from the Department of Agriculture in addition to another €3m per annum from Sport Ireland. It further generates €2m through sports fees and equine passports.

The matter returns before the High Court on October 30 for an update on progression in the matter.