“Unsustainably high” development costs and a significant setback on a contract have led fish processor Bio-Marine Ingredients Ireland Ltd to seek High Court protection from its creditors under the small company administrative rescue process (Scarp). The loss-making firm, last year ranked 118th in the Financial Times list of Europe’s fastest-growing companies, is insolvent with a deficit of €42 million. Insolvency practitioner Declan de Lacy of PKF O’Connor, Leddy & Holmes has been appointed to advise on the Scarp process, triggered last Friday by management following letters of demand from a number of creditors including Bord Gáis and its landlord Americold…

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