MAC Interiors, a company specializing in office fit-outs, has recently sought protection from its creditors in court. Interpath Advisory’s Kieran Wallace has been appointed as the interim examiner. This news comes after the company experienced significant challenges due to pandemic restrictions on construction and inflation in construction materials. Additionally, MAC Interiors suffered losses from an unsuccessful project in Liverpool, England, where it provided loans amounting to £14 million (€16.2 million) that are unlikely to be recovered. With ongoing projects and a projected deficit of approximately €9 million, the company has faced financial strain.
In court, no creditors objected to Kieran Wallace’s appointment as examiner, including the largest creditor, the Revenue Commissioner, which is owed €11 million. The court, under Mr Justice Michael Quinn, has jurisdiction to appoint the examiner despite the company being incorporated outside the European Union. The judge will provide a written judgment outlining the reasoning for this decision. MAC Interiors’ senior counsel argued that the company’s main center of interest is in Ireland.
Kieran Wallace’s report highlighted extensive engagement between his team and the company’s senior management in the past two weeks. This process is expected to improve the company’s ability to obtain performance bonds. Most subcontractors and clients continue to support the company, unaffected by the interim examinership due to ongoing construction. Mr. Wallace aims to expedite the process and develop a survival plan quickly. He will provide further updates to the court in early July.
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