Search Results for 'Liquidation'

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Government must regulate liquidation sales says Grealish

The Government must act immediately on unregulated liquidation sales which are taking place without any proper planning or fire and safety checks.

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Company directors in Connacht need to know the legal duties and responsibilities of their role, especially in times of difficulty. Failure to do so can have serious consequences, according to Tom Byrne, Kiltimagh native and president of the Institute of Directors in Ireland.

Mayo companies in difficulty

The week in business started off badly for July as shock figures showed that 900 businesses throughout Ireland have ceased trading since the beginning of the year as a result of liquidations, examinerships, or receiverships. In addition up to 2,000 jobs are at risk at Eircom while an expert group has been commissioned to examine the value of all semi-state companies including the ESB and Bord Gais. Despite claims that the country is coming out of recession industries suffering with low consumer spending include retail, wholesale, hospitality, finance and construction. The effect is being felt in Mayo as a number of local companies feature on the latest list of businesses that have folded in recent weeks, some of which are detailed below.

Receivers and liquidators

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?

Liquidation and insolvency — the harsh reality

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?

Sasha in Golden Island closes doors

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.

Job losses at Kilkenny forestry firm

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.

Athlone’s Budget Travel ceases trading

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.

Mullingar’s Budget Travel ceases trading

Five jobs have been lost in Mullingar with the closure on Wednesday this week of the town’s Budget Travel shop in Harbour Place Shopping Centre.

Mayo building firm director liable for €1.6m

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.

 

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