THE COMPANY behind Limerick County Golf and Country Club has been wound-up and a liquidator appointed, with the company more than €2.5 million in debt.
A creditors meeting, attended by the Limerick Leader, was held at the Maldron Hotel where the directors of Limerick County Golf and Country Club Limited, announced that Gearoid Costelloe, partner with Grant Thornton accountants in Limerick city, had been appointed as liquidator following a resolution that was passed by shareholders.
The company officially ceased trading on January 15, 2011, but has been in difficulty for some time.
Chairman Brian McLoghlin, who chaired the creditors meeting, said that the directors, of which there are eight, including Shannon Airport Authority chairman Brian O’Connell, were “acutely aware of how devastating this decision has been for employees, directors themselves and members”.
“Cash flow problems continued last year and without significant funding it was not realistic to continue and the decision was made to appoint a liquidator,” said Mr McLoghlin, adding that the decision was a “regrettable one”.
An estimated statement of affairs, prepared by the directors, three of whom were present along with Mr McLoghlin, showed that the company has debts of €2.576,474.83, with 99 unsecured creditors owed a total of €1.55 million.
Preferential creditors were listed as Revenue, who are owed €75,867, and the Department of Trade Enterprise and Employment €24,680, while Limerick County Council are owed more than €36,000 but are listed among the unsecured creditors.
A total of eight staff were made redundant when the company ceased trading in January.