Limerick FC's examiner expects holding company to be 'liquidated'

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Court orders Limerick FC's holding company to be 'wound up'

The company behind Limerick FC is likely to be forced into liquidation following a sitting of the South Western Circuit Court in Ennis this afternoon. The sitting saw the removal of court protection and the end of the examinership process which had been undertaken by Baker Tilly Chartered Accountants since September of this season. 

A statement from Baker Tilly Chartered Accountants, the examiner of the company behind Limerick FC, Munster Football Club Limited, released a statement this afternoon, following the decision. More to follow.

Statement:

"The examiner of the company behind Limerick FC today returned to the South Western Circuit Court in Ennis to remove Court protection spelling the end of an examinership process which has been on-going since September 2019.

Conor Noone of Baker Tilly Chartered Accountants, told the Court that while an investor had been identified, that party did not engage with him in the manner required in recent weeks in order to firstly secure a licence for First Division football next season nor secondly the funding necessary for the formulation of a scheme of arrangement with Limerick’s creditors.

When entering the examinership process in September, Munster Football Club Limited, which trades as Limerick FC, had debts of approximately €490,000.

Conor Noone, Senior Corporate Recovery Manager, Baker Tilly said: “Despite the progress made in developing a viable restructuring plan the company over the last 100 days, we are disappointed at the outcome reached today. Everything possible has been undertaken to secure the future of the company and to preserve employment at Limerick FC.”

The next step in the history of the company will likely be the appointment of a liquidator."