Courts / Dublin / Report

Provisional liquidator appointed to two companies within SIAC group

Summary

The High Court appointed a provisional liquidator, Mr David O'Connor of BDO, to SIAC Construction Ltd and SIAC Roofing and Cladding Ltd, two trading companies of the SIAC construction group. The companies, which employ about 100 workers and are registered in Clondalkin, Dublin 22, are insolvent with net liabilities of €12.3 million for SIAC Construction and projected losses of around €500,000 for SIAC Roofing and Cladding in 2023. The court heard that the firms lack sufficient cash to pay staff and that the group has faced severe cash difficulties due to Covid‑19, rising labour and material costs, insurance and bonding issues, and the loss of senior personnel. Mr O'Connor was granted powers to retain employees and subcontractors on projects in Dublin, Cork and Kilkenny, secure assets worth about €11.2 million, and prevent "self‑help" by creditors.

Who, what, where, when and why

What: Report matter: Provisional liquidator appointed to two companies within SIAC group. Procedural stage: hearing_or_decision

When:

• 2023-05-03 Publication

Why: 2m in order to ensure that there will be no "self-help" by creditors taking stock that belongs to the firms, which he said can occur when construction businesses are wound up. CNI source report

Places mentioned

Topics

Stage Hearing Or Decision

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Read the original CNI report