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The statutory test for insolvency was met, according to the High Court. But that alone was not sufficient to tip the scales for the beleaguered confectionary company riven by internal division.
Over three days late last month, the High Court heard details of the debts and divisions engulfing the Dublin confectionary company, Broderick’s. Minority shareholder Barry Broderick, a company director and son of the firm’s founders, had brought a petition asking the court to appoint an examiner to the company on the basis that it was balance sheet insolvent with debts of €9 million. The firm hires more than 100 people at its production facility in Tallaght. Barry Broderick’s lawyers argued the company was on a cliff edge financially and needed breathing space from its creditors to restructure its liabilities. But…
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