High Court puts liquidator in place at Limerick-based Roadbridge
LIMERICK construction contractor Roadbridge has been placed in liquidation by the High Court.
The firm, based at Crossagalla, is being wound up after it was first placed in receivership earlier this year at the request of its largest creditor.
Ultimately, it was the Covid-19 pandemic which saw the company, which employed approximately 150 people locally, hit trouble.
It was the lead contractor on a huge number of local and national projects including the €58m Coonagh to Knockalisheen Road, and the Limerick tunnel.
One of Ireland’s largest construction firms, it had revenues of €262m in 2020, according to the Irish Times.
And like many big businesses, a number of downstream jobs were dependent on the company. But sources have said it regularly traded on very tight profits which left it exposed to error or unforeseen risks.
Back in March, receivers moved in on the firm as it emerged at least €40m was owing to various sub-contractors and suppliers.
Indeed, it was its largest creditor, Bank of Ireland which requested the company receive the protection of the court.
Andrew O’Leary of Interpath Advisory was appointed liquidator last week. The petition to appoint a liquidator was brought by two unsecured creditors of Roadbridge, with the support of five further creditors of the company.
In a statement, Interpath said the immediate priority of the liquidator will be to determine and realise any assets available for the benefit of creditors, while also seeking to undertake any investigations as part of his statutory duties.
Founded in Limerick in 1967 by the Mulcair family, it was named Limerick’s company of the year at the annual Chamber Business Awards as recently as 2017.