Swords printing company collapses

A liquidator was appointed yesterday to Prime Print, a print shop in Swords, Co Dublin which ceased, trading with a deficit of over £300,000 Selukwe Ltd, trading as Prime Print, employed 14 people when it ceased trading on August 2nd. The company was rescued through a High Court examination five years ago.

Mr Pearse Farrell, of Farrell, Grants, Sparks, was appointed liquidator following what was described as a contentious" creditors' meeting in a Dublin hotel.

The company has realisable assets of £165,000, according to the directors' estimated statement of affairs.

The amount due to preferential creditors is £126,486, leaving just £38,514 for the unsecured creditors, who are owed £344,851.

The largest unsecured creditor is the Bank of Ireland, which is owed £39,650.

Other unsecured creditors are Swan Papers Ltd, £29,979 Rank Xerox Ltd, £27,784 Henry Murray and Co, £20,321 Wiggins Teape Ltd, £17,310, and Price Waterhouse, £15,400.

Selukwe went into examinership in 1991. Mr Peter Gogarty and Mr Russell Shannon raised around £250,000 through BES investors and took over operation of the company later that same year. Mr Gogarty was appointed chairman and Mr Shannon managing director of the company.

Mr Farrell was appointed liquidator by 39 votes to 34 after he was nominated by Mr Gogarty.