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Recent insolvency appointments

Our experience

We provide discreet and confidential advisory services to companies, stakeholders and individuals in troubled financial situations. For management, lenders, shareholders or other stakeholders in businesses facing financial underperformance or crisis, we deliver restructuring solutions which can help build a platform for recovery. Alternatively, we can help financial stakeholders to recover value in insolvency.

Highlights of our recent insolvency experience

Please see below for examples of our recent insolvency experience.

Recent receivership services

Client Transaction details  
Corrs Pharmacy Declan McDonald was appointed receiver and manager to this group of four pharmacies. The pharmacy group traded successfully for a period of five months prior to a disposal.  
Treasury Holdings Declan McDonald was appointed statutory receiver by NAMA to this well known property group and one of NAMA's largest exposures with debts of €1 billion. The workout over a period of eight years involved the enhancement and disposal of commercial, residential and development real estate assets to the value of €500 million including such iconic developments as Central Park in Sandyford, The Westin Hotel and the Altovetro building in Dublin city centre.  
McNamara Property Group Declan McDonald was appointed receiver to various entities in the Bernard McNamara group working out commercial and development real estate assets to the value of €50 million including the disposal of the Bishops Square office block in Dublin city centre.  
Dawson Street Hotel Limited Declan McDonald was appointed receiver and manager by AIB to this busy Dublin city centre bar (Sam's bar) and hotel trading it for a period of months prior to disposal.  
Fota Island Resort Receiver and manager to a 500 resort including two golf courses, a five-star hotel and 59 lodges. The resort was traded for a number of years in receivership prior to disposal.  
West County Hotel (Ennis) Limited Declan McDonald was appointed receiver and manager by AIB to this well known hotel in Ennis, Co Clare. The hotel traded for over a year in receivership prior to disposal.  
Castleknock Golf Club plc Ken Tyrrell and Declan McDonald were appointed to this north Dublin golf club as part of the receivership of Monarch Property Group. The golf club traded for a number of months prior to being disposed of to a new private equity owner.  

Recent examinership services

Client Transaction details
Ballantyne Re plc Declan McDonald and Brendan Lynch acted as lead financial advisors to this reinsurer in its US$1.6 billion bond restructuring through an Irish High Court scheme of arrangement and subsequent solvent liquidation.
Cara Pharmacy Group Ken Tyrrell was appointed Examiner concluding numerous lease negotiations, securing new investment and formulating a scheme of arrangement in the restructuring of this regional pharmacy chain.
Weatherford International plc Declan McDonald acted as independent expert in the examinership of the Irish parent company of this US oil and gas services group. The group restructuring resulted in US$7 billion debt for equity swap with the bondholders taking 99% equity.
Bradley Pharmacies Ken Tyrrell was appointed Examiner to this Irish pharmacy chain successfully securing new investment to restructure the business and formulate a scheme of arrangement with its creditors.
Other relevant cases A selection of other retail restructurings where Declan McDonald acted as Examiner include Bestseller Retail Ireland Limited (Vero Moda, Jack Jones and Only brands), Mothercare Ireland Limited, B&Q Ireland Limited, Monsoon Accessorize, Karen Millen Ireland Limited, Coast Stores Ireland Limited, Warehouse Ireland Limited, McSweeney Pharmacy Group, Atlantic Homecare Limited and Best Menswear Limited.

Recent liquidation services

Client Transaction details
Celtic Pure Unlimited Company Declan McDonald was first appointed examiner and subsequently liquidator to this bottled water production facility in Monaghan. Having failed to attract investment through the examinership process, due to water quality concerns, the company was placed in liquidation and its production lines and factory were disposed of.
Coast Declan McDonald was appointed liquidator to the Irish business of this UK fashion retailer. Parts of the business were successfully sold by the liquidator resulting in the retention of a number of employees.
Crampton Building Group Declan McDonald was appointed liquidator to a number of companies in the Crampton Building Group. These companies were involved in numerous major construction projects across the residential and commercial sectors for over five decades.
Inglot Cosmetics Unlimited Company Declan McDonald and Brendan Lynch were appointed joint liquidators to this retail cosmetics chain, which experienced a collapse in sales due to the COVID-19 pandemic and related restrictions. The company had 10 outlets in Ireland and the joint liquidators oversaw the closure of these stores and the processing of employee redundancy entitlements.
Laura Ashley Ireland Limited Declan McDonald and Ken Tyrrell were appointed liquidators to the Irish business of this long-established retail brand, which ceased trading during the COVID-19 pandemic. The joint liquidators oversaw a successful stock disposition in conjunction with the UK joint administrators and an experienced retail agent.
Paperchase Designs Ireland Limited Declan McDonald was appointed liquidator to the Irish subsidiary of a UK retail chain, which ceased trading during the COVID-19 pandemic. Paperchase Ireland also included outlets in France and Germany.

Contact us

Declan McDonald

Partner, PwC Ireland (Republic of)

Ken Tyrrell

Partner, PwC Ireland (Republic of)

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