WORLD NEWS

Irish manufacturer Yvolve appoints examiner

Published on: 11th June 2018

Yvolve Sports Limited sought court protection due to the bankruptcy of a major customer, Toys R Us.

Neil Hughes has been appointed as interim examiner to Yvolve Sports, which makes Flicker scooters and other outdoor products.

The appointment was made after the court was told an examiner was required to protect an important contract with US retailer Walmart.

The company sought court protection due to the bankruptcy of a major customer, Toys R Us, which had hit cash flow, as well as a dispute between Yvolve’s Irish-based directors and directors in Tiawan.

An independent expert’s report found the company is insolvent but has a good prospect of surviving if steps, including appointment of an examiner, are taken.

The matter came before the judge last Tuesday, when Ross Gorman, for Clovergade, a 36% shareholder in Yvolve, sought the appointment of Neil Hughes as examiner.

The case had been adjourned to this Friday, but was back in court after Sino Foreign Trading Company, which owns 49% of Yvolve, sought the appointment of alternative examiner John McStay.

Alill O’Reilly, for Sino, said his client had no issue with Neil, but sought the appointment of their candidate due to the breakdown in relations between the shareholders.

Ms Justice Costello was satisfied to appoint an interim examiner to the company and said the court had “an embarrassment of riches” to choose from.

She selected Neil on the grounds his proposed appointment came first in time.

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