The High Court has appointed a provisional liquidator to a Dublin based printing business with 47 employees
Play Print Ltd specialises in bingo cards, scratch cards and lottery tickets.
The firm, located at St Ignatius Road, Drumcondra, Dublin 7 was established in 1970 and had been a successful company in the Irish and overseas markets for many years.
The High Court heard it had recently become been loss-making due to factors including competition from new technologies in the online and digital sectors which had eroded its competitiveness.
The company also cited a shrinkage in the bingo market over the last 20 years, a decrease in the number of clubs and community centres using bingo as a means for fundraising activities, and changes in the exchange rate between Euro and Sterling arising out of Brexit as reasons for its difficulties.
The court heard the company is now insolvent and unable to pay its debts as they fall due and its directors have taken a view the company is unable to continue in business in the medium to long term.
At the High Court on Wednesday Ms Justice Leonie Reynolds said she was satisfied the company was insolvent and that Micheál Leydon, of Outlook Accountants, should be appointed provisional liquidator.
It was “unfortunate” that a company “that had been in business for almost 50 years” and has 47 employees found itself in this situation, she said.
Directors’ position
Earlier, in seeking Mr Leydon's appointment Stephen Brady BL, for the company, said the directors' position was that it was in the best interest of all parties, including creditors, that a provisional liquidator be appointed.
The liquidator would be best placed to ensure existing contracts can be completed over the next three to four weeks, counsel added.
Counsel said that over the years the firm attempted to adjust to changes in the marketplace.
Part of its diversification including providing security solutions to large technology companies in the online gaming sector, including Microsoft.
However, it had been loss-making since 2016 and was “haemorrhaging funds.” The company had debts of over €500,000 and is projected to make a loss for the year ending June 30th 2019 of €161,000, he said.
The firm had hoped to restructure the company but lacked the funds to do so.
The firm's directors are its managing director John Martin of Glasnevin Avenue, Dublin 11, Clair McCrosain Ailesbury Road, Ballsbridge and Manus MacCrosain, Mount Merrion, Dublin. The company secretary is Eamon Harkin, Prior Road, Delgany Co Wicklow.
The matter will return before the court later this month.
