High Court confirms appointment of examiner to Karen Millen fashion chain

Examiner Declan McDonald of PwC preparing survival plan

Ms Justice Marie Baker confirmed Declan McDonald as examiner after she heard there were no objections from creditors. Photograph: Chris Maddaloni/Collins

Ms Justice Marie Baker confirmed Declan McDonald as examiner after she heard there were no objections from creditors. Photograph: Chris Maddaloni/Collins

 

The High Court has confirmed the appointment of an examiner to the Karen Millen ladies’ fashion chain and two associated companies.

Declan McDonald of PwC, who was appointed interim examiner last month, is preparing a survival plan for Karen Millen Irl Ltd, Warehouse Fashion Irl Ltd and Coast Stores Irl Ltd, the court heard.

Ms Justice Marie Baker confirmed Mr McDonald as examiner after she heard there were no objections from creditors.

The Revenue, which is owed nearly €700,000 between the three companies, was broadly supportive of the examinership while a lawyer for the only creditor to appear in court, a landlord in Arklow, Co Wicklow, was neutral, the judge was told.

Rossa Fanning, for the companies which brought the examinership petition, asked that the period of protection be extended beyond 35 days at this stage as the end of that period would run into the Christmas holidays.

Kelley Smith, for the examiner, said the trading position of the companies has slightly improved since last year. As part of the survival scheme, the examiner is seeking a buyer and also to renegotiate rents on a number of premises, she said.

The court previously heard the companies, which employ 300, have a reasonable prospect of survival if a number of conditions are met.All three have no secured or bank creditors but all are in debt to inter-group creditors for sums of between €3.1m and €7.7m.

The judge adjourned the matter until January 26th.