High Court to decide on Galway pharmacies group rescue plan on Friday
The High Court will decided on Friday whether to approve a rescue plan for a group of companies that operate a number of pharmacies and employ 46 people in Galway.
If approved by the court, the plan would allow Michael McLoughlin Pharmacy Ltd and Sundrive Pharmacy Ltd to continue to trade. The scheme has been submitted to the High Court for approval by Mr George Maloney of Baker Tilly Ryan Glennon, who was appointed as examiner to the firms last October.
However the Revenue Commissioners are opposed to the scheme on grounds including that its position would be prejudiced if the scheme were approved.
Lawyers for both the examiner and United Drug (Wholesale Ltd), who will invest in the companies if the scheme is approved, argued that the scheme should be approved as all parties concerned, including Revenue, would do better if the companies were allow to continue to trade rather than be placed into liquidation.
Today at the High Court Mr Justice Frank Clarke said he would decide on Friday whether to approve the scheme or not.
