Examiner appointed to Pierse as bad debts reach €30m
Mr Justice Brian McGovern said he was satisfied to appoint chartered accountant John McStay as interim examiner to Pierse Contracting and Pierse Building Services, which is involved in the fitting out and refurbishing of premises for blue chip clients.
The firms, which employed 700 people at its peak but now has 211 workers, cited the economic downturn and cashflow difficulties caused by bad debts of about €30 million on completed works as the reasons why it has sought the protection of the courts.
