Courts / Dublin / Report
Trade finance companies with over €13m in debts are formally liquidated
Summary
The High Court, by Mr Justice Brian O'Moore, formally wound up Tower Trade Finance Ireland Limited (TTFI) and Deal Partners Logistics Ltd (DPL) on Monday. Both companies, registered in Dublin, were insolvent and could not pay debts exceeding €13 million. Mr Declan McDonald of PWC, previously the examiner, was appointed as the official liquidator for the two firms. Earlier this year the companies had entered examinership, but the process ended after a proposed survival scheme for TTFI was rejected by creditors and a scheme for DPL could not proceed without approval for both firms. The companies had sought court protection following financial difficulties linked to the collapse of JACC Sports Distributors, which had supplied sports kit to the FAI. The court noted that creditors, represented by Gavin Smith of DLA Piper, were not opposed to Mr McDonald's appointment. The judge confirmed the liquidation orders and the appointment of Mr McDonald as liquidator.
Who, what, where, when and why
What: Report matter: Trade finance companies with over €13m in debts are formally liquidated. Procedural stage: hearing_or_decision
When:
- 2021 and 2022 Other
- 2023-05-15 Publication
Why: It claimed that the firms suffered losses because of defaults due to fraud and through clients entering insolvency. CNI source report
Places mentioned
Topics
Related court reports
- Man charged with having 56k child abuse images and videos remanded on bail
- Ex-Dáil hopeful's allegations against former employer 'complete fantasy', WRC told
- Mater must pay €10k to worker who said he was wrongly accused of abusing patient
- 'I think we know I won't be getting bail' - Daniel Kinahan charged with directing criminal organisation
- Letting agent who claimed alleged domestic violence victim abandoned tenancy by fleeing to refuge must pay €14.7k
- 77-year-old with 470 convictions told Luas staff to 'f**k off'
If a fact, identity, locality or legal outcome needs review, email the newsroom with this report's details prefilled.
Email a correction request