Liquidators appointed to Clerys firm

A joint provisional liquidators has been appointed by the High Court to the company that operates Clerys department store.

Mr Justice Paul Gilligan appointed insolvency practioners Eamon Richardson and Kieran Wallace of KPMG as joint provisional liquidators of OCS Operations Ltd, which has operated the business since 2012 .

The company, which petitioned the court for the liquidators’ appointment, told the court it must immediately cease trading and close down to prevent further debts arising. The court heard the company is unlikely to have sufficient monies to make upcoming payments, including ones due early next week, and is unable to pay its debts.

The liquidators would be best placed to preserve the value of the business, deal with employees, the concession holders and creditors, the company said.

It employs 130 people. Approximately another 330 are employed by the 50 concession holders, who sold their wares in the department store, while paying OSC Operations a percentage of their turnover.

Mr Justice Gilligan said he was satisfied to make the appointment as the firm appeared to be in “severe financial difficulty”. He granted the liquidators powers allowing them take possession of assets, books and records, retain or dismiss staff, make payments to creditors, and carry on the business of the company pending the hearing of the petition to have the company wound up.

The matter was adjourned to a date in early July.