Examiner granted extension for Dublin chain of opticians
The examiner appointed to Dublin’s largest opticians chain has been granted an extension of 30 days by Judge Jacqueline Linnane to allow further time to form a scheme aimed at saving the company.
The Circuit Civil Court was told last month that Donal MacNally Opticians and an associated company, Von Opticians, were insolvent and unable to meet their debts.
The companies had sought the protection of the court after racking up losses of €4m. Judge Linnane appointed chartered accountant Myles Kirby as the examiner tasked with attempting to rescue the companies.
The court had heard that the companies which employ 24 staff and have stores in Clondalkin, Swords, Malahide, Sutton, and Navan, ran into trouble due to increased competition and changes to the running of the business.
Judge Linnane had previously stated that the scheme of arrangements would have to pay dividends to the historical creditors and ensure the company had a reasonable prospect of survival.
The judge heard that Donal MacNally Opticians had been taken over by a former director, Jed Dowling, for around €2.7m in March 2016. He had resigned as managing director in November 2018.
Mr Dowling had taken over the companies after having paid off the director’s loan account of fellow director Ian Tighe.
Revenue told the court it had no objection to the extension of the examinership. There are other MacNally opticians in Dublin, which split off from the main group and are not part of the examinership process.
