Legal
'Erroneously formed’: Rescue plan for Mac Interiors rejected due to lack of precision
Case to be adjourned until Tuesday to permit a ‘revised, modified scheme’ which may address High Court’s concerns
A lack of precision in a proposed scheme of arrangement to save a construction company from liquidation resulted in it being rejected, the High Court has ruled.
Mr Justice Michael Quinn said that confirming the proposed scheme of arrangement where the only impaired class of creditors accepting it was “erroneously formed” would risk overriding votes on the rescue package.
He agreed with objections raised by Revenue, which was facing an almost complete write down of ...
