A scheme aimed at securing the survival of a troubled software technology firm, Digital Channel Partners Limited, will be considered by the High Court on November 5th.
Mr Pearse Farrell, the court-appointed Examiner to the company, presented his proposed scheme of arrangement to Mr Justice McCracken yesterday. He said a majority of the creditors and all the members of the company had voted in favour of the proposals.
In an affidavit, Mr Farrell said the company, of Blanchardstown, employed 31 staff. His proposals would be to reduce the company's debt while introducing substantial new funding by way of a subordinated loan, which would put the company in a position from which it could trade successfully.
For a period, there had been confusion as to the precise ownership of the company's shares, he said.
Despite this being resolved, the unnamed investor required that the entire issued share capital be cancelled and that new shares be issued to him or his nominee.
At the request of the investor, the number of directors to be co-opted had been increased from three to five.
Mr Farrell said he was satisfied that implementation of his proposals was likely to facilitate the survival of the company.
The listed directors of the company were: Mr Ronan Smith, Grangemore, Brannockstown, Co Kildare; Mr Mahmud Hussein, (also company secretary) c/o Digital Channel Partners Ltd, Cape House, Westend Office Park, Blanchardstown and Mr Enda Kyne, Cois Abhainn, Ballycahan, Kilcock, Co Kildare.
The company was founded in July 1999 and has offices in Dublin, London and New York.
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