Examinership is a court-supervised corporate rescue process that places a financially troubled company under the protection of the court to facilitate its survival as a going concern.In an examinership, an independent examiner is appointed by the court to examine the company’s affairs and formulate a scheme of arrangement (a restructuring plan) to return the company to viability.During examinership, the company enjoys a court-protected moratorium that freezes creditor enforcement actions, allowing breathing space for the examiner to seek new investment and to negotiate compromises with creditors.If a suitable arrangement is approved and confirmed by the court, the company can emerge from examinership with a restructured balance sheet. If not, the company will likely face liquidation.Examinership is a ‘debtor in possession’ procedure in that, unlike receivership or liquidation, the existing directors remain in control of day-to-day operations (unless the court orders otherwise), making it an attractive rescue option for directors of insolvent companies.Petition and appointmentStatutory criteriaThe court (High Court, or the Circuit Court if the company qualifies as a ‘small company’)