Search Results for 'Court orders'
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On Wednesday afternoon The High Court appointed Simon Coyle of Mazars as the interim examiner to Staunton Sports (trading as Elverys). Elverys has its headquarters in Castlebar and has 55 stores across Ireland and employs 650 people. The appointment of the interim receiver came on foot of a petition by NAMA. There had been much speculation on the future of the company after news broke late last week of plans for the company to be placed into receivership, before being acquired by the company’s management with the backing of investors in a pre-pack receivership.
The perils of not answering a summons were graphically illustrated in the District Court this week (July 8), when a man caught using a mobile phone whilst driving had two points and €80 converted into a €750 fine and a one year disqualification.
Q. My wife and I are owners and directors of a trading company. The company has been badly hit by current economic conditions and we do not envisage our trade recovering. The company’s balance sheet position has deteriorated rapidly and assets only slightly exceed liabilities. Our main asset is the premises from which the company trades but which is owned by us personally. This is subject to a large mortgage which we are struggling to pay and we are currently in default. If we continue trading it is unlikely that we will be able to meet our liabilities. I was told that our creditors or the bank could liquidate the company. Is this true? If so what are our options and what does the liquidator do?
Q.I own a small manufacturing company which is in trading difficulties. My creditors are mounting as my cashflow comes under pressure. The company premises which cost €750,000 were financed through a bank loan and meeting the payments on this has proved increasingly difficult. I have been reading in the papers about examinership and it appears that the examinership process might be a way of protecting the company against my creditors and preserving the trade and the related jobs. Is this possible?