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.
Mount Carmel Private Hospital, employing 328 people, is to close following High Court approval for liquidation, following the failure to sell the hospital.
The hospital - the only private maternity hospital in Ireland - was taken over by the National Asset Management Agency (NAMA) in 2010. Since 2010 NAMA has tried to find a new buyer for the hospital. The Health Service Executive (HSE) informed NAMA in December 2013 that it was not interested in buying the hospital, after reviewing the relevant financial and operational data.
The hospital has been treating public patients, referred to it from the HSE in recent years.
On January 24th, the High Court approved the appointment of a provisional liquidator, RSM Farrell Grant Sparks, after NAMA's decision. The liquidator has met with employee unions on January 29th and 30th.
Unions - SIPTU, INMO, IMPACT, MLSA - are stressing the viability of hospital to continue if a new buyer can still be found. The 328 staff will receive statutory redundancy only due to the hospital's liquidation. They will have to apply to the State's Social Insurance Fund for this money owed.
A falling birth rate in Ireland is being cited as a reason for the hospital's own reduction in business.
Eurofound (2014), Mount Carmel Private Hospital, Closure in Ireland, factsheet number 76522, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76522.