Provisional liquidator appointed to Co Meath-based bus company
Posted on 2nd October 2019 at 21:37
Collector General owed €39,000 as unpaid PAYE, PRSI and interest, High Court told
Revenue has succeeded in its High Court application to have a provisional liquidator appointed to a Co Meath-based bus company.
Mr Justice Richard Humphreys on Wednesday appointed insolvency practitioner Aidan Murphy, of Crowe Ireland, as provisional liquidator to Enfield Coaches Ltd, of Rathcore, Enfield, Co Meath.
The court heard that the company provides coach and related transport services.
At the High Court, Arthur Cunningham, for the Collector General of the Revenue Commissioners, said his client was owed €39,000 as unpaid PAYE, PRSI and interest.
Counsel said the Collector General was seeking the appointment due to concerns over the transfer of assets, namely three buses, from the company to what it believed was a related company called M4 Direct Travel Ltd.
Another matter of concern, counsel said, was that late last month, the company called a creditors meeting with a view to appointing a liquidator to the firm.
A statement of affairs was made available to creditors at that meeting, which counsel said showed the company had preferential debts of €133,000 and unsecured debts of €815,000.
The statement of affairs also indicated that the companies net assets, namely 19 buses, were valued at €5,000.
However, that meeting broke up and a liquidator was not appointed, counsel said. Another creditors meeting is due to take place later this month.
In all the circumstances, counsel said Enfield Coaches was unable to pay its debts and this was an appropriate case where a provisional liquidator should be appointed by the court.
The appointment of that liquidator would allow for the orderly winding up of the company, counsel added.
Following counsel’s submissions, Mr Murphy’s appointment as provisional liquidator was confirmed by Mr Justice Humphreys.
The matter will return before the court later this month.
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