 To obtain the appointment of an examiner it is necessary to petition the High Court and persuade the court that there is a reasonable prospect of survival of the company and the whole or part of its undertaking if an examiner is appointed.The examiner has a fixed period of 70 days (extensible to 100 days) in which to prepare a scheme of arrangement, which must be approved by at least one class of creditors of the company.If it can be shown that the scheme provides for the survival of the company and the whole or part of its undertaking and that it is not unfairly prejudicial to any creditor(s) of the company the court has discretion to approve the scheme.