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Full coverage: Insolvency

More than two-thirds of Scarp companies have exited successfully

A little over a year after it was first introduced Scarp, the examinership-lite process, has proved a successful lifeline for Irish firms in financial distress. The next twelve months are likely to see a further uptick in its uptake.

Rosanna Cooney
13th Jan, 2023 - 2 min read

Datech-led consortium in pole position for Cork’s Altada as staff rebel

A group of investors that includes Eddie Jordan, Elkstone, Princeton and others has edged ahead for the insolvent Cork AI firm. But staff are objecting to the deal.

Tom Lyons
12th Jan, 2023 - 2 min read

“Insolvent on a balance sheet basis”: New reports shed light on why Musgrave sought bankruptcy protection for one of its franchisees

A company controlled by the Cork retail group sought a creditor-led examinership of Lanney’s SuperValu in Ardee earlier this month. Two reports from Deloitte reveal why Musgrave felt the need to petition the court.

Tom Lyons
15th Dec, 2022 - 3 min read

As bidders circle, a US investor acquires a minority slice of Altada’s debt

The buyer of loans owed by the Cork artificial intelligence start-up in receivership has a long history with the company. The move comes as bidders express interest in acquiring the business.

Tom Lyons
8th Dec, 2022 - 2 min read

As Bombay Pantry scraps for its survival, what does the future hold for Ireland’s embattled restaurant sector?

Bombay Pantry, the Indian takeaway food chain that operates six outlets across Dublin and Wicklow, has now sought bankruptcy protection from its creditors, a further sign of the growing strain on the sector. What do insolvency experts say about the future of restaurants?

Ian Kehoe
6th Dec, 2022 - 5 min read

Theya Lingerie backers braced for heavy write-downs as the award-winning company seeks to restructure

Theya Lingerie was founded by Ciara Donlon to provide women with post-surgery underwear. Selling across Europe and the US, it has now run out of road and its rescue plan through Scarp could lead to a sale.

Rosanna Cooney
22nd Nov, 2022 - 2 min read

“It’s about the protection of jobs”: The company behind entertainment.ie is seeking a fast-track rescue plan

Entertainment industry investor Mike Ormonde has moved to appoint a process advisor to the parent company of Packed House, which runs several advertising websites. He explains why.

Rosanna Cooney
14th Nov, 2022 - 2 min read

Altada hoped to deal with Darktrace founder Mike Lynch but now a receiver has gone into the troubled AI firm

Just a few months after lending debt finance to Altada, a group of Irish investors have appointed a receiver to the firm. How its founders will respond remains unclear.

Tom Lyons
11th Nov, 2022 - 2 min read

“There will be a lot of closures, and when that happens people will get hurt”

Damien Grey, the chef-owner of two-star Michelin restaurant Liath, is first and foremost a businessperson. He spoke to The Currency about his obsession with numbers, the storm facing his sector, and having integrity above all else.

Rosanna Cooney
19th Oct, 2022 - 6 min read

An abandoned hotel in Kerry: How investors’ plans went wrong

In picturesque Waterville, a long-favoured holiday spot for golfers, one historic hotel fell behind the times. Its fate has now been decided in the High Court between a London businessman and a Kerry local.

Rosanna Cooney
11th Oct, 2022 - 6 min read
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