Examinership?

[andycole]

What does it mean when a company goes into examinership?
Does this mean that a company is insolvent?
Does this mean that a company has a period of time when it is protected from its creditors for 70 days - thereby giving it time to seek money to pay its creditors?

What would be the position for a person who bought off the plans and the developer who is in examinership?

 

[gillarosa]

Its a period where the Company is protected for that period from its Creditors taking action that may force the Company into Receivership by calling in Debt's owed (and the Court may extend the period of Examinership further if its requested and they feel its required) A Court appointed Examiner looks at the viability of the Company in regard to its ability to continue to trade, the Examiner also looks at what amounts are liable to and payable to its Creditors.

Have you paid a Deposit or other amounts to the Builder?

 

[andycole]

Hi Gillarosa -

Thanks for reply. Yes I have paid a Deposit for an Apartment.
I am wondering if this means that I would not be able to get back my Deposit - or a proportion of it at least. Also the completion period looks likely to be extended now by some considerable time as well, beyond what is stated in the contract. Does something like this constitute a "reasonable delay"?

Its a period where the Company is protected for that period from its Creditors taking action that may force the Company into Receivership by calling in Debt's owed (and the Court may extend the period of Examinership further if its requested and they feel its required) A Court appointed Examiner looks at the viability of the Company in regard to its ability to continue to trade, the Examiner also looks at what amounts are liable to and payable to its Creditors.

Have you paid a Deposit or other amounts to the Builder?