David O'Connor features in the Irish Times
15 October 2020
David O’Connor, Partner, BDO Corporate Recovery, featured in the Irish Times and the Irish Examiner earlier this week following the announcement that the High Court had approved a survival plan for the Irish and UK retailer, Compu b Group.
Compu b are the largest Apple Premium Reseller in Ireland and the UK. They have 6 stores in Ireland and a further 25 locations throughout the UK. They also have a substantial B2B operation and an Educational division. The Group employs over 300 staff, 110 of which are based in Ireland.
David was appointed examiner to the Group on 3rd July by the Irish High Court. His task was to put together, and implement a restructuring plan for the survival of the Group. For this plan to be successful it needed to be approved by the Groups bankers, creditors and the High Court.
Last week David presented the survival proposal to the Group’s creditors and received the necessary approvals at these meetings from the creditors.
At Monday’s court hearing David, and his barrister, formally presented the creditor approved proposals to the presiding judge, Mr Justice Denis McDonald, seeking the courts approval of the scheme.
Mr Justice McDonald said, having read the scheme and the “very helpful and detailed” report of the examiner, he was satisfied all the requirements for court approval were met and he further observed it was clear that creditors of the companies will do significantly better under the scheme than if the companies were wound up.
The judge made orders approving the scheme and fixed Wednesday, October 14th, as the date for Compu b to exit from examinership.
In the current economic climiate, particularily for retailers, this is a very positive outcome for the Compu Group and in particular its 300 plus employees whose jobs are secured.
If you have any queries related to the information above, please contact David O'Connor at [email protected]
Content adapted from the Irish Times and the Irish Examiner