Finglas Motors deal approved by High Court
Company has assets worth €5.5 million
The High Court has approved the sale of some of the assets of the country’s second largest Ford dealership in a deal that it is hoped will save the jobs of more than half of the 70 employees.
Earlier this week, the court approved the appointment of Jim Hamilton as provisional liquidator to the Finglas Motors group, which operated Ford franchises at Finglas and Blanchardstown. The court was told the company has assets worth €5.5 million, including its freehold premises on the North Road, Finglas, Dublin, and debts of €11.5 million.
Yesterday, Mr Justice David Keane granted an application by Mr Hamilton to approve a deal involving sale of some of the assets to JDM Specialist Cars Ltd, which is part of the Joe Duffy Motor Group. The deal, which involves the buyer acquiring certain assets of the company including the Finglas premises, will
mean between 30 to 40 of the 70 jobs saved.
Bernard Dunleavy, for Mr Hamilton, said the deal had the approval of the Revenue Commissioners, the company’s biggest creditor. Counsel said the deal was in the best interests of creditors.
One of the reasons for a provisional liquidator being appointed was an allegation of under-reporting of VAT payments by Finglas Motors and Mr Hamilton will continue with his investigation into that allegation, said counsel.
The firm accounts for 7 per cent of Ford passenger car sales in Ireland.