The High Court yesterday appointed Mr Ray Jackson of KPMG as liquidator to USIT World plc after it was told the function of the examiner had come to an end.
USIT Ireland Limited, the retail company which trades as USIT Now and has 14 shops in the Republic, continues to trade.
USIT World Plc is the international group holding company. Mr David Hughes, of Ernst and Young, who had been appointed examiner to USIT World by the High Court on February 4th last, did not issue a scheme of arrangement for this non-trading entity.
Last January, Mr Jackson was appointed as provisional liquidator to USIT Limited, the treasury management arm of the USIT group. USIT Ltd which is incorporated in Northern Ireland, was stated to then have liabilities of around €100 million.
Mr Justice McCracken also extended to June 5th the period of court protection by way of examinership to two other USIT companies - USIT Ireland Limited and USIT World.com. The latter company is the technology and systems development service for USIT Ireland Limited.
In a statement yesterday, USIT Ireland Limited said it was fully bonded and licensed under the Commission for Aviation Regulation. It added that Mr Hughes has reached agreement with an investor group, which had enabled him to issue schemes of arrangements for the creditors of USIT Ireland Limited and USIT World.com.
Formal meetings to consider those schemes were held last week.
Mr Hughes's report as examiner of both companies will be presented to the High Court on June 5th.
When approving the appointment yesterday of Mr Jackson as liquidator to USIT World plc, Mr Justice McCracken also directed that a committee of creditors be established, to include a nominee of the Union of Students in Ireland and Usit Ireland Ltd. Both companies had advanced alternative names as the proposed liquidator for USIT World plc.
They submitted there was a potential for conflict if Mr Jackson was appointed.
However, Mr Justice McCracken said Mr Jackson was an experienced liquidator who was not likely to be one-sided in his approach.
