Liquidator appointed by the High Court as receiver

The High Court has appointed a provisional liquidator for an electrical company which employs over 50 people on various projects.

The contract was awarded in relation to NSR Engineering Ltd whose financial difficulties were largely caused by the impact of the Covid-19 pandemic on the industry and significantly increased material procurement costs.

Mrs Justice Carmel Stewart appointed Kirby Healy’s liquidator John Healy as provisional liquidator for the company, whose registered address is Kinseally Business Park in County Dublin, after being satisfied that the company was insolvent and unable to pay its debts pay.

The judge was also satisfied that it was in the best interests of all relevant parties, including the company’s creditors, to appoint Mr. Healy as preliminary insolvency practitioner.

The company, represented in court yesterday by Brian Walker Bl on behalf of lawyer Tom Casey, says it is in default of around €800,000.

Mr Walker said that while the company has valuable contracts worth around 15.6 million euros, it is struggling with liquidity.

The lawyer said that the Covid-19 pandemic has had an “extreme impact on the company” since early 2020.

The workers and subcontractors were unable to complete the work due to the long lockdown.

In addition, the cost of materials such as copper and steel products has increased by 20 to 30 percent.

This increase in costs could not be passed on to customers in the case of tendered projects.

It also had to step back from other projects that were no longer viable, the attorney said.

The lawyer added that the company owes €1.1 million in revenue that it cannot pay.

It was also unable to service its debts to its creditors and its suppliers had sought cash on delivery. Commercial creditors are owed approximately €650,000.

https://www.independent.ie/irish-news/courts/liquidator-appointed-to-electrical-contractor-by-high-court-41906392.html Liquidator appointed by the High Court as receiver

Fry Electronics Team

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