THE HIGH Court yesterday ordered that a report into the running of Irish Car Rentals (ICR) should be forwarded to the State’s company law watchdog.

Mr Justice Frank Clarke yesterday directed that the report be given to the Office of the Director of Corporate Enforcement (ODCE), Paul Appleby, after approving a rescue plan for the business.

Under the plan, backed by creditors, another company, Thrifty Car Rentals, is taking over ICR with an investment of €1.2 million and a commitment to provide up to €1 million in working capital.

Unsecured creditors will get 7.5 cent in the euro, preferential creditors will receive 50 per cent of what they are owed and secured creditors will be paid in full.

Michael McAteer of Grant Thornton was appointed examiner to the group earlier this year. The business was made up of seven companies, and had about €40 million in liabilities and €30 million in assets.

The group had a complex structure and the security for its debts included cross guarantees from different member companies.

Mr Justice Clarke said the report into the business disclosed matters “worthy of consideration” by the ODCE. However, he stressed that his remarks should not be taken as a finding of wrongdoing by the court.

Judge Clarke had previously voiced concerns arising from the report which revealed what the judge earlier described as a “hole of five to six million” in the company’s accounts and had made various claims against executive directors. The court heard the directors had rejected any allegations of wrongdoing but they had agreed to resign as had been sought by an investor as a condition of investment in ICR.