Doherty closes with debts of €5m

DOHERTY Advertising is being wound up with debts of over €5 million following a court order yesterday.

While trading creditors are owed €1.7m, it is thought the company’s banker Ulster Bank is owed a further €3.4m. A liquidator has been appointed.

It is not yet known what assets Doherty has. Its premises on Baggot street was leased and the goodwill has already been sold on.

Doherty was set up in 1963, but was bought out by Mark Beggs and Anthony Martin of internet service provider Indigo in 2001. Businessman Paschal Taggart chairs the company.

Creditors have 21 days to notify the liquidator of their exposure to the company. Jim Stafford of Friel Stafford Chartered accountants has been appointed liquidator. No statement of affairs has yet been put together.

Independent Newspapers is the largest creditor owed €640,000 followed by RTÉ with €500,000. The Irish Times is due €250,000 while Today FM is owed €75,000.

There are 15 creditors in all - 13 trading creditors and the two directors.

Doherty counted some of the largest hospitals and local authorities as clients but had a run of bad luck with the departure of key clients.

This precipitated a crisis compounded by the recent collapse of the Dublin Daily. Doherty says it is owed €300,000, though the newspaper puts the debt at €200,000. Mr Taggart chaired both companies.

The company generated a profit of €530,000 in its most recently-filed accounts up to April 2002.