Corporate Recovery

Corporate Recovery and Insolvency can be a complex subject demanding technical knowledge as well as sound commercial judgement. It is a field in which McStay Luby has established a powerful reputation as one of Ireland's specialist practices.

Our team is focused on providing straightforward solutions to all stakeholders.

Our services include:

  • Business Reviews/Business Turnaround Advice
  • Receiverships
  • Examinerships
  • Schemes of Arrangement
  • Liquidations
  • Administrations

Independent Business Reviews (Company)

At the request of a lender, company director or shareholder, McStay Luby undertakes independent business reviews (IBRs).

Our IBRs provide an assessment of both the current and projected financial situation together with realistic and practical recommendations to ensure the survival and future success of the business.

Independent Business Reviews (Property)

McStay Luby are on the NAMA panel for the provision of IBRs and also provide these services to banks and other parties. Our property IBRs provide an in-depth assessment of:

  • Total debt exposure
  • Strength and ability of management
  • Overall property management/development plan
  • Medium to long term funding projections
  • Disposal plan and valuation assessment
  • Following from the IBR process McStay Luby can advise and implement company rescue or wind down procedures


McStay Luby carry out receivership appointments for financial institutions and other secured creditors. Our appointments have included trading receiverships together with fixed charge appointments. Our track record and experience in this area of insolvency enables us to provide maximum returns for the secured creditor in a cost efficient manner. Some of our past appointments include:

  • Receiver of KPNQwest Group Companies for a syndicate of international banks (Sale of internet protocol networks located throughout Europe)
  • Receiver of numerous property and development companies including Laragan Developments Ltd, the La Touche Hotel site and the former Anglo Irish Bank headquarter site
  • Receiver of Tribune Newspapers Plc


McStay Luby accept appointments to act as Examiner of companies from directors or creditors in order to formulate Schemes of Arrangement that result in the survival of the company, preserving jobs and resulting in outcomes for creditors superior to the alternative of liquidation.

We have acted as examiner to companies across a diverse industry range. Some of our past appointments include:

  • International Securities Trading Corporation (ISTC): (Successful Restructuring and Scheme of Arrangement of liabilities in excess of €2.8bn)
  • Examiner of Chorus Communications, the cable television/telecommunications company: (Successful Restructuring and Scheme of Arrangement of liabilities in excess of €250m)
  • Examiner of Lark Developments, a major property developer: (Successful Restructuring and Scheme of Arrangement of liabilities in excess of €30m)
  • Smart Telecom Holdings Limited: (Successful Restructuring and Scheme of Arrangement of liabilities in excess of €70m)


McStay Luby act as a Liquidator ensuring maximum returns to the creditors and shareholders across the three liquidation formats:

  • Creditors Voluntary Liquidations
  • Court Liquidations
  • Members Voluntary Liquidations

Our experience covers a diverse industry range including: aviation, construction, manufacturing, logistics and telecommunications. Some of our past appointments include:

  • Court appointed Liquidator of EU Jet and Transaer airlines
  • Creditors Voluntary Liquidation of Iralco, a major automotive parts supplier (Sale of business and rescue of approx. 300 out of 400 jobs)
  • Court appointed Liquidator of South Midland Construction Company (one of Ireland's largest utility contractors)

Schemes of Arrangement

McStay Luby work with company directors in formulating either formal or informal Schemes of Arrangement with the Company's creditors as appropriate. Past Schemes of Arrangements formulated by McStay Luby have resulted in the survival of the company and return to creditors in excess of returns resulting from the Liquidation of the company.

Most recently, McStay Luby successfully formulated a Scheme of Arrangement as set out in section 201 of the Companies Act 1963, resulting in the continued survival of Millstream Recycling Limited which had liabilities in excess of €100m.

In addition, we have worked with company directors and creditors to formulate informal Schemes of Arrangement, a process of particular benefit to companies with a small number of large creditors.


McStay Luby have taken appointments as Administrator of Insurance companies following petitions to Court by the Central Bank. Jim Luby is currently acting as Administrator of ESG Reinsurance Ireland Limited & Accent Europe Insurance Company Ireland.

Should you wish to discuss our Corporate Recovery Services, please contact Jim Luby, John McStay or Tom Rogers