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05/11/2010
Pierse Construction Debts 'Astonishing'
Things are looking grim for one of the top three building companies in Ireland.
Over 100 people employed by Pierse Construction could lose their jobs as lawyers for the firm whose Group Head Office is in Mulhuddart, Dublin, told the High Court this week that the appropriate course for the company is to appoint a liquidator.
The firm went into examinership last month with bank debts of around €36m.
Mr Justice Peter Kelly has already expressed concern about the future viability of the company and described what has since emerged as a €212m deficit in a liquidation scenario as "astonishing".
Founded in 1978 by Ged Pierse as a civil engineering, building and marine contractor, the Pierse Group expanded to become one of the largest contracting companies in Ireland.
Following a re-structuring in 2005 and the retirement of the founder, Norbert O'Reilly took over as Chief Executive Officer with Mr Pierse continuing to lead the board in the capacity of Non-Executive Chairman.
Among past successes have been work on prestigious contracts such as the Clarion Hotel, Dublin, the €45m construction and fit-out of a 155 bedroom, four star hotel, with Pierse later completing building an extension as well.
However, the firm's website now records that John McStay of McStay Luby, Chartered Accountants was appointed Interim Examiner on 12 October 2010 by Order of the High Court.
That full hearing by the High Court continues.
(BMcC/GK)
Over 100 people employed by Pierse Construction could lose their jobs as lawyers for the firm whose Group Head Office is in Mulhuddart, Dublin, told the High Court this week that the appropriate course for the company is to appoint a liquidator.
The firm went into examinership last month with bank debts of around €36m.
Mr Justice Peter Kelly has already expressed concern about the future viability of the company and described what has since emerged as a €212m deficit in a liquidation scenario as "astonishing".
Founded in 1978 by Ged Pierse as a civil engineering, building and marine contractor, the Pierse Group expanded to become one of the largest contracting companies in Ireland.
Following a re-structuring in 2005 and the retirement of the founder, Norbert O'Reilly took over as Chief Executive Officer with Mr Pierse continuing to lead the board in the capacity of Non-Executive Chairman.
Among past successes have been work on prestigious contracts such as the Clarion Hotel, Dublin, the €45m construction and fit-out of a 155 bedroom, four star hotel, with Pierse later completing building an extension as well.
However, the firm's website now records that John McStay of McStay Luby, Chartered Accountants was appointed Interim Examiner on 12 October 2010 by Order of the High Court.
That full hearing by the High Court continues.
(BMcC/GK)
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