Interim Examiner Appointed to Online Education Company

The High Court has appointed an interim examiner to a group of companies that provides 70 online education courses to more than 4.5 million students globally, The Irish Times reported. Shaw Academy Ltd, and two related firms – Shaw Education Group plc and Academy of Financial Trading Education Ltd – sought the protection of the courts after its largest creditor made demands last week on the group to repay loans of €5.7 million. The group cannot meet that demand, and the lender, a Luxembourg-based entity called Columbia Lake Partners Growth Lending, had threatened to appoint a receiver and manager over the companies unless its demand was satisfied. At the High Court on Wednesday morning Mr Justice Denis McDonald said he was satisfied to appoint insolvency practitioner Stephen Tennant of Grant Thornton as interim examiner to the group. Read more