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Pierse creditors meet

BUILDING group Pierse Contracting lost €31m last year before it was placed in liquidation by the High Court earlier this month.

Meanwhile, builders owed up to hundreds of thousands of euro following the collapse of the Pierse and McNamara construction groups are demanding new legislation.

More than 190 sub-contractors held a meeting yesterday predicting more collapses and a threat to the whole construction industry.

The meeting came as it was revealed that Pierse recorded a drop in turnover by almost 40pc to €205.7m last year.

The figures show €75m worth of inter-company loans, now worthless, were one of the biggest elements in the €212m deficit.