The High Court has appointed provisional liquidators to the well-known religious book publisher Columba Press.
Mr Justice David Keane Thursday appointed Neil Hughes and Joseph Walsh of Hughes Blake as joint provisional liquidators to Columba Book Service Limited, which publishes its titles under the imprint Columba Press.
The Judge said he was satisfied to make the appointments after being informed the company was insolvent and unable to pay its debts.
The company, which is a specialised publisher and distributor of books on religion, theology and spirituality had been in examinership since May.
The High Court heard the firm, of Lakelands Avenue, Stillorgan, Co Dublin, had to exit the examinership process because it was unable to secure the investment it required to survive.
The proposed investment would have allowed the company formulate a scheme of arrangement with its creditors which, if approved by the Court, would have allowed the firm to continue to trade.
The company got into trading difficulty due to factors including the closure of a joint sales and distribution venture it had entered into with another publisher in 2009, the onset of the recession in 2008 and the termination of distribution agreements with US distributors.
While it has been able to break even in recent years, it has been unable to deal with historic debts arising out of those difficulties. An accounts report showed that as of April 2016 the company had an estimated net deficit of liabilities over assets of €234,069.
As a result the company had no option other than seek a court order winding the firm up.
The joint provisional liquidators were granted powers by the Judge including the power to secure the firm’s assets.
The business was established in 1985 and the company was incorporated in 1986. The company has a back catalogue of 2,000 titles.