Judge John O'Connor announced in the Circuit Civil Court that Prime Steak Restaurant, which operates as Fade Street Social, is in financial distress, owing €1.7 million to Revenue and possibly more. The company is unable to settle its debts, leading to the appointment of Dessie Morrow from Azets Ireland as examiner. Mr. Morrow will also prepare a special report for Revenue regarding inter-company loans amounting to nearly €4.5 million, which further complicates the company's financial situation.
Judge John O'Connor has informed the board of directors that the company has sought the appointment of an examiner. The company, Prime Steak Restaurant trading as Fade Street Social, owes Revenue €1.7 million 'and maybe more' and is unable to pay its debts. Dessie Morrow of Azets Ireland has been appointed as examiner for the company's affairs and will provide a special report to Revenue regarding inter-company loans totaling almost €4.5 million.
The Circuit Civil Court heard that Prime Steak Restaurant, known as Fade Street Social, is facing financial difficulties with debts totaling €1.7 million owed to Revenue, with indications this amount may increase. Judge O'Connor authorized the appointment of an examiner to oversee the company's operations amid its inability to meet debt obligations.
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