Builder in provisional liquidation
However, its directors told the High Court this week that it intends to apply on May 11 for court approval to continue in provisional liquidation and to try and trade its way out of difficulties under this protection. The Bandon-based firm has current projects in Cork, Kerry and Carlow.
High Court judge Justice Mary Laffoy approved the appointment of accountant Michael McAteer, of Grant Thornton, a specialist in recovery and reorganisation, as provisional liquidator. According to Mr McAteer, the alternative of examinership, with its limited 100 days of court protection, won’t suit troubled building firms; a continuing renewed provisional liquidation could let firms such as Coolfadda trade out of trouble. “If it is successful, I’d see other building firms use the same protection.”
