Restructuring 2018-01-26T12:15:39+00:00


McStay Luby has established a powerful reputation as one of Ireland’s leading restructuring advisory firms. Our experienced team acts for lenders, creditors, and directors of companies in financial distress. We have extensive international experience and contacts to facilitate assignments with cross-border aspects.

Brief summaries of our Restructuring services in the following areas are set out below:

  • Business Turnaround
  • Pre-Enfocement – IBRs
  • Examinership
  • Receivership
  • Liquidation
  • Insurance Sector Restructuring
  • Schemes of Arrangement
  • Personal Insolvency Services


We recommend early intervention where a business is experiencing financial difficulty. We work with management to identify strategies and prepare a recovery plan to enable the survival of the business which may include refinancing, sale, introduction of new investors and restructuring of financing and operations.

We adopt a hands-on approach to work with all of the affected stakeholders.

We advise directors of companies in distress on their Company Law responsibilities.


Our independent business reviews (IBR) for management, lenders and creditors assess the current and projected financial position of the business, and recommend strategies to maximise the prospects of survival and success.

Our services to lenders include assessment of enforcement and other options and monitoring of distressed business with inadequate in-house financial expertise.


We have rescued many businesses, large and small across a diverse range of industries, through the examinership process. Efficient use of the Court protection period allows us to engage proactively with management, creditors and potential investors to maximise the prospects of survival of the refinanced business.

Some of our high profile examinerships have included:

Druids GlenGolf clubRescue following receivership threat
CityJetAirlineRestructuring following start-up losses;
International Securities Trading Corporation (ISTC) Financial servicesRestructuring of liabilities in excess of €2.8bn
Chorus CommunicationsCable television/telecommunications companyRestructuring of liabilities in excess of €250m
Lark DevelopmentsMajor property developerRestructuring of liabilities in excess of €30m
Smart TelecomBroadband operatorRestructuring of liabilities in excess of €70m

We prepare Independent Expert’s Reports (IERs) required to obtain Court protection. We are engaged frequently to challenge IERs and scheme proposals by creditors.


We have a long track record of delivery for financial institutions and other stakeholders, providing maximum returns for the secured creditor in a cost-efficient manner.

Our experience covers large and small companies across many business sectors. We have significant experience of trading receiverships to maximise sale value.

Our receivership cases have included:

Sunday TribuneNational NewspaperMarketing of Business / IP
A-WearRetail chainPre-pack receivership rescuing 400 jobs
KPNQwestFor a syndicate of international banksSale of internet protocol networks located throughout Europe
AltobridgeSale of mobile technology platformAppointed by Intel and a division of the World Bank
Heritage Golf Club Rescue and sale of Seve Ballesteros-designed championship golf course.
Laragan Developments Receiver of property and development business
J&A BarryReceiver of property and development business
Anglo Irish HQ siteReceiver of property and development business
La Touche Hotel siteReceiver of property and development business

We act as fixed asset receiver for secured lenders, with portfolios ranging from single units to extensive commercial portfolios.


Where companies cannot be restructured, we can advise creditors and/or directors on the appropriate liquidation procedure in the circumstances. We have acted as liquidator of numerous entities using:

  • Creditors voluntary liquidations
  • Court liquidations
  • Members voluntary liquidations (solvent companies)

Our experience covers a diverse industry range including aviation, construction, manufacturing, logistics and telecommunication, property, insurance, credit unions, SME businesses and numerous other sectors, including:

  • Court appointed Liquidator of EUJet and Transaer Airlines;
  • Creditors Voluntary Liquidation of Iralco, a major automotive parts supplier – sale of business and rescue of approximately 300 jobs;
  • Court appointed Liquidator of South Midland Construction – one of Ireland’s largest utility contractors;
  • Rush Credit Union – sale of loan portfolio

We advise creditors faced with liquidation of a customer on their options for recovery.

We act as liquidators of solvent companies in Members’ Voluntary Liquidations to expedite return of surplus funds to shareholders, particularly in the context of group restructuring;


We were appointed as Administrator, on the petition of the Central Bank, of ESG Reinsurance Ireland and Accent Europe Insurance Company to conduct an orderly run-off of the insurance portfolios, resulting in a successful resolution without recourse to the Insurance Compensation Fund.

We also acted as Liquidator of Dublin International Reinsurance and United Reinsurance Company of Ireland making significant recovery for creditors.

  • Run-off management
  • Assistance with portfolio transfers
  • Investigation, formulation and negotiation of insurance claims
  • Commutations with reinsurers
  • Reconstruction of insurer records


In certain circumstances, a formal or informal scheme of arrangement may be the most efficient rescue procedure. We acted as Scheme Manager under a Section 201 Scheme of Arrangement of Millstream Recycling Limited, following its closure as a result of the pork dioxin crisis. We rescued the business by devising a scheme to deal with liabilities in excess of €150m.


We assist individuals with financial difficulties to resolve their debt burden and return to solvency.

Where possible we will work with the individual in negotiating an informal arrangement with his/her creditors.

In the event that an informal arrangement is not attainable, we can provide the services of a licensed Personal Insolvency Practitioner (PIP) to advise on the most appropriate option available under the personal insolvency regime including:

  • Personal Insolvency Arrangements
  • Debt Settlement Arrangements
  • Bankruptcy