Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The High Court has made orders winding up a packaging company which employed 170 people in Limerick, Kildare and Meath. Mr Justice Peter Kelly also appointed a liquidator to the three companies which make up Ire-Tex Ltd, which has liabilities of some 7 million Euro, with the Revenue being the largest creditor. The winding up came when Ire-Tex Ltd, with headquarters in Leixlip, Co Kildare, was unable to find a new investor after its main customer, Dell, terminated a long-running contract. After Dell withdrew its business, Ire-Tex, had hoped that an investor could be found during an interim examinership which would preserve the remaining 170 jobs, Mr Justice Kelly said. However, it became clear on Monday last that the investor was no longer prepared to put funds into the company and was not willing to provide support during the examinership period. The company had been in Kildare and Limerick for the last 30 years.
In the circumstances, the judge said he had no option but to order the liquidation of the companies involved. He appointed Pearse Farrell, of Farrell Grant Sparks, as liquidator to the three companies: Ire-Tex Group Ltd, Leixlip, Co Kildare; Ire-Tex Packaging Ltd, Limerick and ILP Distribution Ltd, Dunboyne, Co Meath. Ire-Tex also has operations in Northern Ireland, the Czech Republic, Malaysia, China and the US. Dell had provided 70% of Ire-Tex's business. It had been hoped that a multimillion Euro rescue package could have been put in place.
Eurofound (2007), Ire-Tex Ltd, Closure in Ireland, factsheet number 65104, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65104.
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