The report was prepared by accountant Cormac Mohan of Fitzwilliam Corporate ahead of the company entering examinership last month and found that Alfrank Designs was insolvent on a balance sheet and cashflow basis but had a reasonable prospect of survival, which would be in the better interest of creditors than winding it up. The statement of affairs established on July 31, 2024, showed a deficit of €1.7 million on a going concern basis, but this would rise to €2.3 million in a wind-up scenario. The company’s 40-year history and potential to attract investors, as identified by examiner Joe Walsh, were…

Want to continue reading?

Introductory offer: Sign up today and pay €200 for an annual membership, a saving of €50.

Subscribe

Cancel at any time.

Are you already a member? .