Interim Examiner Appointed In Attempt To Save Horse Sport Ireland

The body has it's headquarters in Naas, as well as two Kildare-based directors

Horse Sport Ireland has been given the protection of the High Court with an interim examiner appointed as part of an attempt by its directors to save the national equestrian sports governing body.

The body has it's headquarters in Naas, as well as two Kildare-based directors

According to reporter Ray Managh, Barrister Arthur Cunningham told Judge Liam Kennedy that although the company was unable to pay its debts, an independent expert was of the view it could be saved through examinership.

He said chartered accountant Joseph Walsh had agreed to act as examiner and was appointed by the judge on an interim basis.

HSI employs 47 full-time staff and they were told there would possibly be redundancies in order to reduce payroll costs.

The petition for the appointment of an interim examiner was brought by the company’s directors following a meeting on 20 August, at which it was agreed to appoint Graham Kenny Solicitors to advise the company.

The main reason for the establishment of the company in 2006 was to act as the centralised national body for the entire sport horse industry.

The directors listed in the petition proceedings were Kevin Smyth of Balally Park, Dundrum, Dublin; Allison Mercer of Kinallen, Dromore, Co Down; Susan Foley of Adare, Co Limerick; Karen Brosnan of Westown, Naas,; Pamela Byrne of Rathangan; David Markey of Cabinteely, Dublin; Robert Huey of Cookstown, Co Tyrone; and Killian Carroll of Blackberry Hill, Carrickmines, Dublin.

It was revealed that the company had incurred costs of €1,581,995 in the development of software programmes as of the end of June last, and had ongoing obligations on pensions and payroll.

Cunningham said the company directors considered that the appointment of an interim examiner would be in the interests of the creditors across a number of jurisdictions. He said there would be an immediate requirement to engage with them to explain the examinership process. The interim examiner would allow an investment process to commence immediately.

Independent expert Cormac Mohan, of AAB Ireland, had stated that the formulation, acceptance and confirmation of proposals for a scheme of arrangement, in conjunction with the introduction of additional capital or support of the Department of Agriculture and Sport Ireland, would offer a reasonable prospect of survival.

The company was confident that these conditions could be met and the directors believed that the examinership process would afford the company a reasonable prospect of trading successfully into the future and preserving the current jobs.

In a statement, HSI said the decision to apply for the appointment of an examiner “follows the crystallisation of a substantial legacy liability relating to the defence of a long-standing legal action brought by Studbook Development Ireland Limited t/a Warmblood Studbook of Ireland against various defendants, including HSI.