Provisional liquidator appointed to Louth kitchen firm
The High Court has approved a provisional liquidator to a Co Louth-based kitchen and cabinet making firm which employs 40 people.
Today at the High Court Mr Justice Roderick Murphy agreed to appoint accountant Mr Ken Fennell as provisional liquidator to Tierney's Kitchen and Cabinet Manufactures Ltd Laurence Street, Drogheda, Co Louth after being informed that the company is insolvent and unable to pay its debts.
The judge made the matter returnable to early next month.
The court heard that the company has liabilities over assets of €2.8m. It has got into difficulties because property developers are no longer buying kitchens, and because its suppliers of raw materials started to produce kitchens and cabinets themselves and have effectively become the competition.
The court also heard that the company currently employs some 40 people, down from the 100 that were employed there earlier this year.
