Courts / Dublin / Report
Provisional liquidators appointed to construction firm after court hears of 'extraordinary' price inflation
Summary
The High Court on 15 November 2022 appointed joint provisional liquidators to LMC MEP Ltd, a mechanical engineering firm that had fallen into financial distress. The court heard that the company's difficulties were caused by the Covid‑19 pandemic and "extraordinary" price inflation in construction materials, which had increased the cost of a major house‑building project in Dublin by €1 million, making the contract "disastrously loss‑making". LMC MEP Ltd has a negative net asset position of more than €6.66 million and owes over €3.5 million to trade suppliers, with additional debts to Revenue and other group entities. The firm had entered a €10 million contract with BAM for a hotel and 412 apartments in Newmarket Square, Dublin 8, but inflation added €1 million to its costs, rendering the contract loss‑making.
Who, what, where, when and why
What: Report matter: Provisional liquidators appointed to construction firm after court hears of 'extraordinary' price inflation. Procedural stage: hearing_or_decision
When:
- 2022-11-15 Publication
Places mentioned
- The High Court
- High Court
- Newmarket Square
- Kilcarbery Park
- Nangor Road
- Irish Prison
Topics
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