Horse Sport Ireland remains operational as examinership process continues.
As Horse Sport Ireland completes the second week of the Examinership process, the Board wishes to provide an update to the wider equestrian and breeding community.
Examinership is a formal rescue and restructuring process intended to provide a viable organisation with an opportunity to address its financial challenges and secure a sustainable future. Throughout this process, the Board’s focus remains clear and resolute: to protect the future of Horse Sport Ireland, safeguard the services and functions entrusted to the organisation, and preserve its ability to serve Irish equestrian sport and breeding for the long term.
Horse Sport Ireland’s decision to seek the appointment of an Interim Examiner followed the crystallisation of a substantial legacy liability that relates to the defence of a longstanding legal action brought by Studbook Development Ireland Limited t/a Warmblood Studbook of Ireland against various defendants, including HSI.
Since the appointment of the Interim Examiner, Mr Joe Walsh, Horse Sport Ireland has continued to operate and trade in the normal course. Its sporting, breeding, studbook, registration, high performance, coaching, education, safeguarding and administrative functions remain operational, and services continue to be delivered across the organisation.
The Board also recognises the position of creditors in respect of liabilities arising prior to the Examinership and the uncertainty that the process may create for those affected. Those liabilities will be dealt with in accordance with the Examinership process and the applicable legal framework. The Board is conscious of the support that suppliers, service providers and other creditors have provided to Horse Sport Ireland and acknowledges the importance of their interests as the process progresses.
The Board and management of Horse Sport Ireland are engaging constructively with Mr Walsh and his team. The shared objective is to identify a pathway that can secure the survival and long-term sustainability of Horse Sport Ireland, while protecting the important services and functions it performs on behalf of Irish equestrian sport and breeding.
The objective is not simply to address the immediate financial challenges facing the organisation. The Board has a responsibility to protect the integrity, continuity and future of Horse Sport Ireland and to preserve the important functions and capabilities that have been entrusted to it. The Board is acutely aware of the significance of those functions and of the responsibility that accompanies them.
The Board recognises that this is an uncertain period for many stakeholders and understands the concerns that exist across the sector. We value the contribution made by all those involved in the equestrian community. The Board remains committed to constructive engagement with stakeholders as the Examinership progresses and wishes to acknowledge the ongoing support from the Department of Agriculture, Food and the Marine and Sport Ireland during the process.
The Board also wishes to express its sincere appreciation to the staff of Horse Sport Ireland. Throughout an exceptionally challenging period, staff have continued to demonstrate professionalism, commitment and resilience in delivering services and supporting members of the equestrian and breeding community.
Their dedication to the sport, the organisation and those who rely upon its services has been invaluable. We are equally grateful for the support, encouragement and goodwill received from across the sector in recent weeks. That support reinforces the importance of Horse Sport Ireland’s work and strengthens our determination to secure a successful outcome from the Examinership process.
Working constructively with the Interim Examiner, the Department of Agriculture, Food and the Marine and Sport Ireland, the Board will continue to pursue an outcome that protects the integrity and continuity of Horse Sport Ireland and enables the organisation to emerge from Examinership on a stronger and more sustainable footing.
The Board will keep stakeholders informed of material developments as the examinership process progresses.
Dr Pamela Byrne
Chairperson
Horse Sport Ireland