Provisional liquidator appointed to Cavan company06/06/2012 - 18:44:46
The High Court has today confirmed the appointment of a provisional liquidator to a Co Cavan based bath and shower screen manufacturers that employs 52 people.
Flair International, which has debts of €4.5m, sought the appointment of a provisional liquidator in the interest of the company's creditors and with a view to protecting some of those employed with the firm, the court heard.
Today at the High Court Ms Justice Mary Laffoy said she was satisfied to appoint Mr Simon Coyle of Mazars provisional liquidator of Flair International Ltd, which is based in Bailieborough Co Cavan.
The court was told the company was insolvent and unable to pay its debts as they fall due.
The company was incorporated in 1975 and is ultimately owned by a company known as Bathroom Investments Ltd (BIL).
It sells and designs bath and shower screens which are sold in Ireland, the UK and in Europe.
The court heard that its difficulties arise out of the collapse of house building activity. The company's sales dropped from €11m in 2006 to €2.84m last year.
It owes almost €4.5m and its main creditors include Bank of Ireland, Revenue Commissioners and various trade creditors.
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