Landmark Decision in Silverpail Examinership

The company, Silverpail, went into an Irish examinership in December 2022 and, on 31 March 2023, the High Court in Ireland confirmed a scheme of arrangement proposed by the Irish examiner and also issued a Letter of Request to the High Court of England & Wales, asking that the company’s English and Welsh creditors also be bound by the scheme.

Mr Justice Roth granted the assistance sought, ordering that Irish law be applied as to the binding effect of the scheme on the company’s creditors in England and Wales.  Understood to be the first case in which such relief has been granted since Re Business City Express Ltd ([1997] 2 BCLC 510), the case provides clarity on available approaches for Irish cross-border restructurings.  

Charlotte Cooke was instructed by Tal Goldsmith from Stephenson Harwood LLP, who was representing Shane McCarthy of KPMG Ireland. Tony O’Grady, Kevin Gahan, Brendan Colgan and Julie Murphy O’Connor of Matheson LLP acted for the examiner in Ireland.