Liquidator appointed to one of Republic's biggest building firms
The High Court in Dublin has appointed a liquidator to one of the Republic's largest building firms.
Pierse Construction and Pierse Building Services are heavily insolvent, the court was told when an application to withdraw court protection was made. Both companies, which employ 109 staff, will have a deficit of more than £185m and no unencumbered assets on winding up, the court heard.
The 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.
Mr Coyle's appointment was advocated by Patrick O'Reilly, for CF Structures, owed â‚¬5.6m, and supported by other creditors.
Appointing Mr Coyle, Mr Justice Peter Kelly said he felt very sorry for the company's employees who were losing their jobs "on the threshold of Christmas".
He said creditors were owed "colossal" sums and were "very aggrieved", feeling they had been "led along by the company when the writing was on the wall" and the companies should have ceased trading long before now.