"The company, which employs 78 people, continues to trade during the examinership process. East Coast Bakehouse said it intends to protect jobs and customer relationships. Examinership protects a business from its creditors for a limited period while it tries to put in place a rescue plan. "This has been a difficult decision, but we believe examinership offers the most constructive route to securing the future of the business," said Mr Carey."
"The decision to seek examinership comes just seven months after Mr Carey resigned as Enterprise Ireland chairman, a decision made after East Coast Bakehouse had failed to file its accounts on time. It was 18 months late in doing so at the time he resigned, putting it in breach of the law. Mr Carey also resigned as chairman of the Housing Agency at the time."
East Coast Bakehouse, which employs 78 people and was founded in 2015, has applied for examinership while continuing to trade. The company says it intends to protect jobs and customer relationships during the court-protection period that shields it from creditors while a rescue plan is developed. The decision follows the resignation of Mr Carey as Enterprise Ireland chairman amid late filing of the company accounts. Enterprise Ireland invested about €2.4m and the business has raised further private investment but has accumulated losses approaching €32m. An interim examiner from Interpath has been nominated to facilitate a balance-sheet restructure and seek new equity investment.
Read at Irish Independent
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