Creditors not yet paid over liquidation of Carey’s firms

Trade creditors from collapsed firms associated with former hurling star DJ Carey have yet to see any monies from the liquidation of the companies.

In February last year, Mr Carey’s contract cleaning business DJ Carey Enterprises Ltd, along with his Alton Ltd and Dublin Janitorial Centre Ltd, were all placed in liquidation with combined debts of €1.7m.

Cork-based accountant Noel Murphy was appointed as liquidator to the firms, where the five-time All-Ireland winner with Kilkenny served as a director with his former partner and former Dragons’ Den star Sarah Newman.

Documents recording Mr Murphy’s dealings relating to the companies’ liquidation for the first year — from Feb 18, 2011, to Feb 18, 2012 — show that the largest proportion of the monies received by the firms has been spent on liquidation and legal fees, with trade creditors yet to receive any money.

The returns to the Companies Office show that a total of €164,143 has been realised by Mr Murphy through payments received from debtors and selling off of assets.

However, over €107,000 of the overall amount generated has been spent on liquidation fees, legal fees, and Vat payments on liquidation fees and expenses.

It is understood that the amounts owed to trade creditors are small and that Mr Carey and Ms Newman are owed more than 50% of the debts run up by the business.

It is not known at this time if there will be any money left for the trade creditors at the end of the continuing liquidation process.

The figures show that €71,360 has been spent on liquidation fees, with legal and professional fees totalling €15,596. Vat on liquidation fees and expenses total €20,753.

The figures for Alton Ltd show debtors’ payments to Bank of Ireland Commercial Finance total €35,194.

This has been funded from debtors of Alton paying €41,705, with the sale of stock and sale of goodwill realising €23,550 and €27,500, respectively.