Search Results for 'Insolvency'

A modified survival scheme for two companies in Galway businessman John Sweeney's Black Shore group may resolve Anglo Irish Bank's concerns about the scheme, the High Court heard today (Wed).

Linen Supply of Ireland, which has a plant in Spiddal and logistics offices in Galway, has confirmed that it has emerged from the examinership process it entered in September last year.

Q. I read your answer on liquidation and insolvency last week with interest. However, I have a different set of circumstances. I have a trading company with the trading premises held within the company and financed by a large bank loan. The lending bank has a fixed charge over the property and a floating charge over the other assets. I am not going to be able to keep the repayments going on the loan much longer. I have only been able to do so by increasing the period during which I can pay my creditors and I can’t do this much longer as the creditors have me under huge pressure. I have been told that the bank might appoint a receiver but your answer last week did not refer to this. What is a receiver and how is a receiver different from a liquidator?

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?

There was devastating news for employees of Athlone’s Sasha store this week as it was announced that it is to cease trading in Golden Island Shopping Centre.

Almost 100 jobs look to be going at the Kilkenny-based forestry firm Denber Forestry Services, which has told its creditors that it plans to go into liquidation.

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?

A provisional liquidator has been appointed to the Athlone and Dublin-based telelecommunications company, Babcock Networks.

A Mayo-born director of a building company which went into voluntary liquidation has been held personally liable for €1.6 million of its debts, the High Court has ruled, as reported in this week’s The Irish Times.

Six jobs have been lost in Athlone with the closure on Wednesday this week of the town’s Budget Travel shop in Golden Island Shopping Centre.