Mike IRL
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Belgard put into liquidation owing €17m Friday, 13 November 2009 17:47
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A provisional liquidator has been appointed by the High Court to the Tallaght-based Belgard Motor Group, one of the biggest car dealerships in the country. It employs 82 people. The group is insolvent with debts of more than €17m. Mr Justice Peter Kelly said he was satisfied, given the admitted insolvency and need to secure stock, to appoint Tom Kavanagh of Kavanagh Fennell as provisional liquidator. Some suppliers had already entered onto the companies' premises at Belgard Road, Tallaght, seeking to take back stock, he was told. Rossa Fanning, for the group's directors, said they had earlier considered seeking court protection but had decided this would not be a viable option when it emerged there would be difficulties securing investment.Advertisement The court heard that the group's projected turnover for this year was some €27m, down 56% from €62m last year. John Damien Murphy, a director of the group, said in an affidavit that Belgard was a long established and respected family business, operating five car franchises and two light commercial vehicle franchises. Its business also included a Porsche dealership. He said the Irish motor industry had been severely hit by the global economic crisis, government changes to vehicle registration tax, a decrease in consumer spending in the recession and Irish consumers' importing from Northern Ireland as a result of a weaker sterling. The industry also suffered from a write-down in the value of existing stock and reduced financing for consumers. Mr Fanning said the group was one of the largest car dealers in the country and the largest multi-franchise car dealership. The court heard that one of the companies in the group - which provides parts and services for Porsche and other makes of cars - had a viable business on a stand-alone basis but was insolvent due to cross-guarantees between companies within the group. The Belgard group consists of five companies. There is a holding company, JD Brian Ltd, trading as East Coast Print and Publicity, and five subsidiaries: JD Brian Motors trading as Belgard Motors; JD Brian Services Ltd; Autoplatz Ltd, trading as Porsche Centre, Dublin; and East Coast Car Parts Ltd.
Story from RTÉ Business:
http://www.rte.ie/business/2009/1113/belgard.html
A provisional liquidator has been appointed by the High Court to the Tallaght-based Belgard Motor Group, one of the biggest car dealerships in the country. It employs 82 people. The group is insolvent with debts of more than €17m. Mr Justice Peter Kelly said he was satisfied, given the admitted insolvency and need to secure stock, to appoint Tom Kavanagh of Kavanagh Fennell as provisional liquidator. Some suppliers had already entered onto the companies' premises at Belgard Road, Tallaght, seeking to take back stock, he was told. Rossa Fanning, for the group's directors, said they had earlier considered seeking court protection but had decided this would not be a viable option when it emerged there would be difficulties securing investment.Advertisement The court heard that the group's projected turnover for this year was some €27m, down 56% from €62m last year. John Damien Murphy, a director of the group, said in an affidavit that Belgard was a long established and respected family business, operating five car franchises and two light commercial vehicle franchises. Its business also included a Porsche dealership. He said the Irish motor industry had been severely hit by the global economic crisis, government changes to vehicle registration tax, a decrease in consumer spending in the recession and Irish consumers' importing from Northern Ireland as a result of a weaker sterling. The industry also suffered from a write-down in the value of existing stock and reduced financing for consumers. Mr Fanning said the group was one of the largest car dealers in the country and the largest multi-franchise car dealership. The court heard that one of the companies in the group - which provides parts and services for Porsche and other makes of cars - had a viable business on a stand-alone basis but was insolvent due to cross-guarantees between companies within the group. The Belgard group consists of five companies. There is a holding company, JD Brian Ltd, trading as East Coast Print and Publicity, and five subsidiaries: JD Brian Motors trading as Belgard Motors; JD Brian Services Ltd; Autoplatz Ltd, trading as Porsche Centre, Dublin; and East Coast Car Parts Ltd. Story from RTÉ Business:http://www.rte.ie/business/2009/1113/belgard.html
