Two Pierse firms to be wound up with loss of 109 jobs

AN order winding up Pierse Contracting and Pierse Building Services with the loss of 109 jobs was made at the High Court yesterday after the heavily insolvent companies withdrew their petition for examinership.

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”.