A High Court judge has said there is “confidence” that Horse Sport Ireland (HSI) will survive after a financial examiner asked for added time to design a scheme of payments to creditors for the company, which supports the multimillion euro Irish equestrian industry.
At the High Court on Tuesday, barrister Ross Gorman, for the court-appointed examiner, applied for the extension, which was granted by Judge Cian Ferriter.
Gorman, instructed by Kane Tuohy LLP solicitors, told Ferriter that the examiner, chartered accountant Joe Walsh, had undertaken “a lot of productive work” to secure funding for the indebted HSI.
Walsh’s report, he said, “expressed optimism” for a resolution of HSI’s liabilities, which amounted to approximately €3 million.
Gorman said there had been constructive engagement with key stakeholders and notice parties in the matter.
The judge said he had read Walsh’s report and commented that the examiner believed there was a “reasonable prospect” of the survival of the company.
The judge said Walsh’s report also expressed “confidence for a scheme of arrangements” of payments.
Last Month, Walsh told the High Court that HSI performed a “very important function within the equestrian industry in Ireland”. He said he was aware that sporting horses were worth in excess of €1 billion annually to the Irish economy and supported upwards of 20,000 jobs.
“Horse breeding in Ireland is world renowned and is a significant export business, with the majority of breeders selling horses outside the country,” Walsh said.
HSI employs 47 people from its headquarters in Naas, Co Kildare. It was granted a petition for its examinership last August.
It receives about €5 million a year from the Department of Agriculture in addition to another €3 million annually from Sport Ireland. It further generates €2 million a year through sports fees and equine passports.
The matter returns before the High Court on October 30th.