Machinery auction firm to hold creditors meeting next week
One of the main agricultural machinery auctioneering firms, Paul Cooke Auctions, has shut its doors and a scheduled meeting of creditors of the parent company Moybrone Holdings Limited will take place next week.
It is understood that Bord na Mona is one of the company's largest creditors, but hundreds of farmers have sold and bought machinery through its popular auctions in Naas as recently as October through Paul Cooke Auctions.
A liquidator is expected to be appointed at the meeting.
Bord na Mona has issued legal proceedings and said it would not be commenting further. The auction house has developed a big farmer following in recent years, with dispersal sales of tractor sales and machinery.
Moybrone Holdings Limited, which lists Joan Cooke and Paul George Cooke as its directors, most recent abridged financial statements - for the year ended March 2016, show that it owed its creditors €278,000, up from €118,000 in 2015. However, it's understood that its creditors are owed significantly more than this now.
Its net current liabilities, according to the financial statement, was €154,000. It also said that during the first two years of operation, the company had invested additional overheads in the two years that have not been fully matched by the income generated in the same time.
It said it believed that new customers and new investment to date would return the company to a profit-making situation in the next financial period (year ending March 2017).
It also stated that he directors are fully committed to supporting the business both financially and professionally for the foreseeable future.