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Full coverage: Insolvency

Covid closures and Revenue debts of over €1.2m push Dublin pubs to the brink

Interim examiners were appointed to pubs owned by businessman Colm Wu. An independent expert report has found a "concerning disregard for both internal control measures and adherence to Company Law" in one of his companies.

Francesca Comyn
28th Nov, 2023 - 5 min read

When growth stops: How Killeen Engineering Fabrication came unstuck

Killeen Engineering Fabrication built, installed and maintained high-end gates to residential properties and it secured between 50% and 100% of the costs upfront. So, why has it collapsed into liquidation with the potential loss of 50 jobs?

Ian Kehoe
28th Nov, 2023 - 4 min read

Altada: More questions raised including the use of private jets, villas by the once “soon-icorn”

The founders of Altada once predicted it would be worth $1bn but instead, it went into liquidation. Now there are questions about spending at the start-up, which its founders are expected to defend.

Tom Lyons
9th Nov, 2023 - 2 min read

“A history of persistent loss”: HealthBeacon wins court protection

The medtech firm began to shed money until there was literally "no more gas in the tank". The appointment of an interim examiner by the High Court today has triggered eleventh-hour working capital funding that will pay staff and keep the business afloat.

Francesca Comyn
27th Oct, 2023 - 3 min read

“The rug was pulled from under us”: KPMG due to be appointed as liquidators to largest F45 franchisee in Ireland

Gavin McConnon and Brendan Spratt, who co-own Dumbbell Fitness Ltd, have run out of road for their chain of F45 gyms. In a letter to their creditors, they give their account of what went so wrong for the company.

Rosanna Cooney
26th Oct, 2023 - 3 min read

High costs and energy bills land fish processor with a €42m deficit

Having failed to raise €50m, Bio-Marine Ingredients Ireland Ltd is using the recently introduced Scarp process to restructure its debts. But first, it wants the High Court to grant it protection from its many creditors.

Francesca Comyn
25th Oct, 2023 - 3 min read

Peter McVerry Trust running out of cash – accountants’ report

PWC has been tasked with assessing the solvency of the leading Dublin-based homeless charity and highlighted the need for exceptional funding over the coming months.

Tom Lyons
22nd Sep, 2023 - 2 min read

Less than two years after its first examinership, Mallinckrodt is set to seek bankruptcy protection in Ireland once again

The pharmaceutical group has entered Chapter 11 bankruptcy proceedings in the US for the second time in two years, with its Dublin HQ and IP centre due to follow suit here this week.

Thomas Hubert
18th Sep, 2023 - 2 min read

Interest rates, valuations, and a failed sale process: Why a landmark Dublin office building was repossessed by its lender

Earlier this week, The Currency reported that a German bank had appointed receivers over a Dublin property owned by Korean investors. Drawing on new analysis, we explain how the initial deal was structured and why it fell apart.

I. Kehoe and T. Hubert
15th Sep, 2023 - 4 min read

The Beckett Building is owned by a South Korean investor and leased to Meta. It has now gone into receivership

German lender Landesbank Hessen-Thüringen Girozentrale has installed Grant Thornton as receiver over the prime site in Dublin. It marks the first major commercial property receivership since the slowdown in the sector.

Ian Kehoe
11th Sep, 2023 - 2 min read
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