A recent Court of Appeal decision held that receivers are statutorily obliged to discharge preferential costs from assets available after deducting costs and expenses of a receiverirst line

The issue

The Irish Examiner publication is the latest business to be restructured using a so called pre-pack insolvency transaction. “Pre-pack” transactions have been a feature of insolvency sales in other countries such as England and Wales for some years, but until relatively recently had not commonly featured in Irish insolvencies.  It has been reported that at least one creditor has initiated proceedings to challenge the Irish Examiner transaction.