Monsoon Accessorize to seek court protection in survival bid
THE women's clothing accessories chain, Monsoon Accessorize, will seek High Court protection next week so that it can continue as a going concern.
Mr Justice Brian McGovern said yesterday he will hear an application to appoint a full examiner to the Irish arm of the UK-based firm on Wednesday (March 13) next.
Monsoon Accessorize Ireland Ltd, which employs 269 people in 18 stores around the country, is seeking examinership so that measures can be brought in to secure its future, Bernard Dunleavy BL, for the company, said.
An independent accountant's report along with a very "candid" review by international retail consultants, the Javelin Group, will be available to the court, counsel said.
Mr Dunleavy said the company's largest creditor was the UK parent company, Monsoon Accessorize Ltd, which is owed €5.6m.
Mr Dunleavy said he was seeking directions from the court in relation to advertising of the petition and who the notice parties should be.
He asked that the Revenue Commissioners be a notice party although, he said, the company's tax liabilities were up to date.
The judge made the directions sought and returned the matter to next Wednesday.