Insolvent Irish TV firm is wound up
A TELEVISON company in Co Mayo employing 30 people has been wound up by order of the High Court.
Telifís Mhaigh Eo Teoranta, trading as 'Irish TV' and operating from Westport Industrial Park, was, along with its holding company, placed under court protection last month on the basis of being insolvent as a going concern, with a funding shortfall and substantial liabilities over assets.
Michael McAteer was appointed examiner and, in a report to the High Court, he outlined that efforts to obtain investment funding had failed.
In those and other circumstances, and despite implementation of cost-cutting measures, it was believed the company had no reasonable prospect of survival as a going concern, the report stated.
Jennifer O'Connell BL, for the Revenue Commissioner, said they were not objecting to a wind-up order. Ms Justice Caroline Costello agreed to make orders ending court protection, discharging the examiner and winding up the company and its holding company, Eochair Media Holdings Ltd.