Fossett’s Circus will know in little over a fortnight whether or not it will have to fold up its tents for the last time.
Mr Justice Raymond Groarke was told in the Circuit Civil Court on Tuesday that examiner Joseph Walsh had completed his bid to rescue the company from its debts.
The circus, which was founded in the late 1880s, is owned by Robert and Edward Fossett and other members of the Fossett family. It was put into examinership 100 days ago to give it protection from its creditors while Mr Walsh examined the possibility of enabling its survival.
Barrister Stephen Hanaphy, counsel for the examiner, said section 18 reports, prepared by Mr Walsh in accordance with Companies Acts legislation and outlining the outcome of the examinership, would be lodged with the Circuit Court office by the afternoon.
The application to have the court rule on the matter on February 12th was supported by barrister Ross Gorman, counsel for the company and its directors, but the future of the company, which owns some real estate assets, could still be in doubt if strongly enough opposed, particularly by Revenue, the largest creditor.
No part of the contents of Mr Walsh’s report was divulged to the court.
Financial tightrope
The court had earlier heard that the circus had been walking a financial tightrope and late last year faced potential collapse. On the basis that the company had a reasonable prospect of survival which would save 16 jobs, Mr Walsh was appointed examiner.
The main creditors, Revenue and Dublin County Council, and the executor of wills of three deceased founding directors, had been put on notice.
A family dispute had led to High Court proceedings which started in 1992 and did not end until 2008 leaving a €500,000 settlement bill which had hung over the company since.