Irish Car Rental's board agrees to quit for investor
A CLEAR-OUT of the board of Irish Car Rentals Ltd sought as a condition of investment in the court-protected ICR motor group of companies has been agreed, the High Court heard yesterday.
The board members of the company said they were prepared to resign in the interests of the survival of the group, which employs 160 people, while the executive directors have also agreed to resign as employees of the companies without any compensation for loss of office so as to facilitate the survival.
The matter was before Mr Justice Frank Clarke yesterday, who said he had listed it because interested investors wanted a clear-out of the board. If there was going to be a dispute about that, it had the potential to affect the proposed schemes of arrangement for the companies’ survival.
The judge had previously voiced concerns arising from a forensic accountants report by Grant Thornton, which revealed what the judge described as a “hole of five to six million” in the accounts and made various claims against directors.
