Two Pierse firms to be wound up with loss of 109 jobs
The court heard both companies will have a deficit of more than €212 million and no unencumbered assets on winding up. Their liquidator Simon Coyle, of Mazaars, has been asked to investigate a series of issues, including whether the companies continued to trade while insolvent and how such a large deficit was accumulated.
In appointing Mr Coyle, whose appointment was advocated by Patrick O’Reilly, for CF Structures, owed €5.6m, and supported by several other creditors, Mr Justice Peter Kelly said he felt very sorry for the company’s employees who were losing their jobs “on the threshold of Christmas”.
