The High Court has appointed a provisional liquidator to a furniture company which is insolvent, mainly due to the downturn in the retail trade.
Furniture Depot Kilkenny Ltd has five outlets based at Carrickmines, Dublin; Tullamore, Co Offaly; Naas, Co Kildare; Kilkenny and Waterford.
The company has liabilities over assets of €2.2 million but that figure, in a winding-up situation, would rise to almost €4 million, the court was told.
Gary McCarthy, for the directors of the company, said it was formed in 2003 and had expanded rapidly. It had a loss in its draft accounts for 2009 of more than €1.8 million.
If a provisional liquidator was appointed, he could continue to trade and ensure customers who had paid deposits could get their orders, Mr McCarthy said.
Ms Justice Mary Laffoy appointed David Van Dessel of Kavanagh Fennell as provisional liquidator.
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