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Pierse Construction seeks liquidator

The leading construction firm has asked the Commercial Court to appoint a liquidator.

ONE OF THE top construction companies in Ireland, Pierse Construction, has asked the Commercial Court to appoint a liquidator, RTÉ reports.

An interim examiner was appointed to Pierse Construction last month, however the company’s legal team have said that the situation has “materially disimproved” since then, and they now wanted to end the examinership process.

Justice Peter Kelly sternly criticised the firm’s behaviour, however, saying that it raised concerns over possible abuse of court process.

Kelly has given the interim examiner until 2pm to sign a sworn statement in which questions raised by creditors and the judge last week are answered.

Allegations of insolvent trading by Pierce Construction have been made by creditors.

Kelly remarked that a €200m did not arise overnight, adding the company could not decide to give up the process without having answered certain questions.

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Counsel for the company Rossa Fanning said the company was asking the court to appoint a liquidator. He said that the company had no other assets than those secured to Bank of Ireland and were the Bank to appoint a receiver, there would be no assets left in a liquidation.

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