TV chef's top Dublin restaurant owes Revenue €1.7m ‘& maybe more' in ‘can't pay debts' crisis amid plot to save 86 jobs
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An examiner has been appointed amid the debt crisis.
Judge John O'Connor, who appointed Dessie Morrow of Azets
Barrister Ross Gorman said the company's board of directors had decided on June 26 to seek the protection of the court from its creditors by the appointment of an examiner.
Mr Gorman, who appeared with BHSM Solicitors for the company, told Judge O'Connor that McGrath, of Mespil Road, Ballsbridge, Dublin 4, and Vincent Melinn, of Howth Lodge, Howth Road, Co
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He said the company has 86 employees whose jobs could be saved under a scheme of arrangement with its creditors and under such a scheme creditors may be able to trade profitably with the company into the future.
Barrister Sally O'Neill, for Revenue, raised the matter of inter-company loans between four connected restaurants; one of which closed after
Mr Gorman said the examiner believed the company had a reasonable prospect of survival under a scheme of arrangement with all interested parties involved.
He said the company operates Fade Street Social, a very popular destination bar/restaurant in Fade Street, Dublin 2.
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He said the company had faced six main sources of difficulties: increasing labour costs; rising supply costs; amendment of the VAT rate from nine per cent to 13.5 per cent; the Covid-19 pandemic; increased rental obligations; and related party loan losses.
Mr Gorman said the company was very significantly indebted to the Revenue Commissioners, including VAT, PAYE and PRSI.
'COMPLETELY UNACCEPTABLE'
The directors stated in a petition for the appointment of an examiner: 'The directors acknowledge that the company's failure to pay tax was completely unacceptable and they unreservedly apologise for that."
Judge O'Connor granted protection of the court to the company and appointed Mr Morrow as examiner giving him full authority to carry out his duties in that role.
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Repro Free: 21/10/2012 Dylan McGrath, pictured with former MasterChef contestant and now employee Christine O'Sullivan at his new venture, Fade Street Social, which will officially open to the public on Thursday, 25th October 2012. The project will house two restaurants under one roof, The Gastro Bar which will serve tapas sized dishes and The Restaurant which will open in November serving traditional Irish dishes, as well as a Wintergarden. For bookings call (01) 6040066, www.fadestreetsocial.com . Picture Andres Poveda
Credit: No Fee
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