Courts / Cork / Report
Provisional liquidators appointed to software firm after proposed Bank of America investment falls through
Summary
The High Court appointed Ken Fennell and Andrew O'Leary of Interpath Advisory Services as provisional liquidators for Marco Polo Network Operations (Ireland) Limited, a software firm that supplies online payment platforms to corporate customers. The appointment followed the collapse of a proposed US$12 million partnership with Bank of America, which had been negotiating a strategic alliance to replace the bank's internal account automation service. The company, which has been trading since 2016 and employs 91 people, now faces debts exceeding €5.2 million, with current liabilities outstripping assets by €2.5 million. Revenue is the largest creditor, owed €2.6 million. The liquidators were granted extensive powers to sell or preserve core assets, negotiate with employees, and manage the firm's business, with directors required to submit statements of affairs within 21 days. The matter was adjourned to early March.
Who, what, where, when and why
What: Report matter: Provisional liquidators appointed to software firm after proposed Bank of America investment falls through. Procedural stage: hearing_or_decision
When:
- 2023-02-22 Publication
Why: Counsel said that the provisional liquidators were required in order to sell and preserve the company's core assets as well as retain and pay core staff. CNI source report
Places mentioned
- The High Court
- High Court
Topics
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