A LIQUIDATOR was yesterday appointed to the five companies left after the sale of the business and assets of Tipperary Crystal in October last. Mr Paul Wyse, of Oliver Freaney and Co, was appointed at a series of shareholders' meetings. A series of creditors' meetings are to be held today.
The five companies are: Brandyfield Ltd; Crystal Designs of Tipperary Ltd; Tipperary China, Crystal, Porcelain, Silver & Gold Ltd; Tipperary Crystal Company Ltd; and Tipperary Crystal Manufacturing Company (Sales) Ltd.
The greatest debts are held by Crystal Designs of Tipperary Ltd. It is understood the company has unsecured creditors of £500,000 and owes £200,000 to a floating charge holder.
The creditors' meetings are to be held in the Hotel Minella, Clonmel, Co Tipperary.
Shannon-based Yeoman International purchased the business and assets of Tipperary Crystal last October from receiver Mr John McStay for an undisclosed sum. Mr McStay was receiver for three of the companies. The other two, Tipperary Crystal Company and Brandyfield, had no bank borrowings and owned some of the Tipperary Crystal assets. The companies are understood to have received in the region of £80,000 from the sale of the assets to Yeoman.
Yeoman International had earlier acquired the Tipperary Crystal debts, understood to be £1 million, from AIB, and appointed Mr McStay as receiver.
