Monsoon applies for examinership

Monsoon Accessorize, which employs 269 people here in 18 stores selling women’s clothing accessories, will seek High Court protection next week so it can continue as a going concern.

Mr Justice Brian McGovern said today he will hear an application to appoint a full examiner to the Irish arm of the UK-based firm on Wednesday next week.

Monsoon Accessorize Ireland Ltd is seeking examinership so measures can be brought in to secure its future, Bernard Dunleavy BL, for the company, said.

An independent accountant's report along with a very "candid" review by international retail consultants, the Javelin Group, will be available to the court next week, counsel added.

Mr Dunleavy said the company's largest creditor was the UK parent company, Monsoon Accessorize Ltd, which is owed €5.6 million.

Counsel sought directions from the court in relation to advertising of the petition for examinership and who should be notified of that.

In seeking for the Revenue Commissioners to be a notice party, Mr Dunleavy said the company's tax liabilities were up to date.

The judge made the directions sought and returned the matter to next Wednesday week.