Courts / Dublin / Report

High Court asked to liquidate trade finance firms after survival plan rejected

Summary

In May 2023 the High Court was asked to liquidate Tower Trade Finance Ireland Limited (TTFI) and Deal Partners Logistics Ltd (DPL) after creditors rejected a proposed survival scheme for TTFI. The companies had sought examinership protection following financial difficulties linked to the liquidation of JACC Sports Distributors, which had supplied sports kit to the FAI. Both firms owed creditors over €13 million and had previously been placed under examinership by insolvency practitioner Declan McDonald of PWC. A scheme had been agreed for DPL, but the relationship between the firms required both schemes to be approved. With TTFI's creditors voting against the scheme, the examiner and counsel concluded that the only option was to end examinership and order liquidation. Mr McDonald was proposed to act as liquidator, while a short adjournment was granted to allow creditors to decide whether they preferred a different liquidator.

Who, what, where, when and why

What: Report matter: High Court asked to liquidate trade finance firms after survival plan rejected. Procedural stage: hearing_or_decision

When:

• 2021 and 2022 Other
• 2023-05-12 Publication

Places mentioned

Topics

Stage Hearing Or Decision

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Read the original CNI report