Creditors have been left nursing losses of almost €1.7million following the liquidation of G Clancy & Co. Ltd., one of Limerick’s oldest family retailers.
Trading in Limerick since 1930, the electrical goods store closed earlier this month after suffering a significant decline in business. The property crash and a crowded marketplace have been blamed for the closure.
Upwards of 40 were employed when they were trading in O’Connell Street, at their peak in 2006. Matt Gaule, a partner with insolvency firm Gaule Bermingham & Company, was appointed liquidator this week at a heated meeting of the firm’s creditors.
According to a statement of affairs, G Clancy & Co. Ltd., owes €1.7 million.
The company has realisable assets of just €31,512 leaving it unlikely that any creditor will receive a payout.
Staff at Clancy’s are owed €180,720 while the Revenue Commissioners are owed a further €298,461 in Vat and PAYE payments.
Trade creditors are exposed to losses of more than €1.3 million. Philips Electronics Ltd., is the company’s largest creditor and is owed €164,506. Bank of Ireland, is owed €371,527 in loans and overdraft.
John G Clancy and Gerard Clancy are owed €213,236 and €83,135 by the company respectively.
