Where it appears to the court that (a) a company is, or is likely to be, unable to pay its debts, (b) no resolution for winding up subsists and (c) no winding‑up order has been made, the court may, on petition, appoint an examiner to examine the company’s affairs and perform functions under this Part. The court must be satisfied there is a reasonable prospect of survival of the company or its undertaking as a going concern and that the proposed examiner has sufficient experience and expertise (including for cross‑border elements and in accordance with section 519). A company is unable to pay if it cannot pay debts as they fall due, if assets are less than liabilities (including contingent and prospective liabilities), or if section 570(a)–(c) apply. The court may also regard significant creditor extensions of time as indicative of inability to pay.

The court shall not make an examinership order if the company has obligations in relation to a bank asset transferred to the National Asset Management Agency (NAMA) unless the petition has been served on NAMA and NAMA has been heard; “bank asset” and “NAMA group entity” have the meanings given in the National Asset Management Agency Act 2009. “Court” means the High Court or, for companies treated as small under sections 280A or 280B for the relevant year, the Circuit Court (subject to limits on winding‑up jurisdiction). Rules address which financial year is used where the latest year ended within three months, venue for Circuit Court jurisdiction, and provision of a certified copy of the appointment order and prescribed particulars to the examiner on request and payment of the prescribed fee.