Tuesday 24 October 2017

160 jobs lost as €2m-debt firm enters liquidation

(Stock picture)
(Stock picture)

Ray Managh

A company with debts of almost €2m and 160 workers is beyond saving, the High Court was told.

Ms Justice Marie Baker ordered the winding-up of Harley Mechanical Services Limited, a company that provided various mechanical services for building contractors.

Harley Mechanical, of Gortanacra, Ballymakeera, Co Cork, had been in examinership since late June after the court had heard if certain steps were taken the firm had a prospect of survival. But yesterday Judge Baker was told that the examiner process had failed and there was no option but to have the company wound up.

Lawyers for the examiner, insolvency practitioner Aengus Burns, of Grant Thornton, said he was not in a position to put together a scheme of arrangement with the firm's creditors.

In the circumstances, the judge said she was appointing Mr Burns as liquidator.

Judge Baker dismissed separate applications by the company's directors and shareholders, and one of its creditors, for an adjournment.

Irish Independent

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