Hopes for 16 jobs at Fossett’s Circus hang in balance

Fossett Brothers Circus will learn in little over a fortnight whether it folds its tents for the last time or catapults its way to a new beginning.

Mr Justice Raymond Groarke was told in the Circuit Civil Court yesterday that examiner, accountant Joseph Walsh, had completed his bid to rescue the company from its crippling debts.

The circus, owned by Robert and Edward Fossett and other members of the famous Fossett family, was put into examinership 100 days ago to give it protection from its creditors while Mr Walsh examined the possibility of a scheme to ensure its survival.

Barrister Stephen Hanaphy, counsel for the examiner, said Section 18 reports, prepared by Mr Walsh in accordance with Companies Acts legislation and outlining the outcome of the examinership, would be lodged with the Circuit Court Office by the afternoon.

The application to have the court rule on the matter on February 12 was supported by barrister Ross Gorman, counsel for the company and its directors, but the future of the com-pany which owns some land assets could still be in doubt if strongly enough opposed, particularly by Revenue, the largest creditor.

No part of the contents of Mr Walsh’s report was divulged to the court.

The court had earlier heard that Fossett Brothers Circus had been walking a financial tightrope and late last year it faced potential collapse.

On the basis that the company had a reasonable prospect of survival which would save the jobs of 16 employees, Mr Walsh was appointed examiner.

The main creditors Revenue and Dublin County Council and the executor of wills of three deceased founding directors had been put on notice.

A family dispute had led to High Court proceedings which started in 1992 and did not end until 2008 leaving a €500,000 settlement bill which had hung over the company since.