Long before the passing of the Companies (Amendment) Act 1990 and the introduction of examinership into Irish law, the Companies Act 1963 contained a procedure for a court to sanction a scheme of arrangement with creditors.
This procedure, section 201 of 1963 Act, has seldom been used over the years and calls have been made for its amendment.
However, if implemented successfully it provides an effective means for a company to come through a difficult financial period.
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