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April 12, 2010

Architects left debts of over €10m

Murray O’Laoire, the award winning firm of architects that closed down last month, has left debts of more than €10 million. The company was involved in a number of high-profile projects, including Thomond Park stadium and the CIT Cork School of Music.

The figure includes more than €3 million owed to the Revenue in outstanding taxes. A liquidator was appointed last Friday to wind up the company, which blamed its collapse on the decline in the construction sector and a marked rise in bad debts.

Brian McEnery, a partner with accountancy firm Horwarth Bastow Charleton in Limerick, was appointed liquidator at a meeting of the firm’s creditors. According to its statement of affairs, the company has total debts of €10 million and realisable assets of €1 million, leaving it with a cash deficiency of €9 million.

The Sunday Business Post

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