Inspector appointed on application by creditor to investigate affairs of company

Company law – inspector – application by creditor of company to appoint inspector – first recorded application before court by creditor pursuant s. 747 of the Companies Act 2014 – allegations of fraud – Court satisfied of existence of prima facie evidence of wrongdoing, unlawfulness or other irregularity in relation to the company’s affairs – Court satisfied that threshold for appointment of inspector met – Court satisfied that appointment of inspector would serve purpose intended by statute – whether a winding up of the company would be more appropriate – whether applicant had pursued application because it was unwilling to fund a liquidation – whether granting relief would have the effect of transferring risk or the cost of investigation to the State – Court not persuaded that the principal objective of the application was not the return of investment – evidence of other investors affected by alleged conduct – Court satisfied that applicant had not acted vexatiously or frivolously or for an improper motive – Court satisfied that it would be appropriate to exercise discretion to appoint an inspector – Court not satisfied to make an order for security for costs – Court refused order directing company to hand over books or documents as inspector had yet to certify non-compliance.