Hibergene liquidator was paid €110k in aftermath of former high-flying medtech firm's collapse
Sandyford-based Hibergene was once billed as an up-and-coming star of Irish medtech, after its diagnostic kits became prominent during the Covid pandemic.
But when the an Enterprise Ireland-backed firm – which had raised an estimated €12m from investors – was placed into liquidation by its board, management blamed 'disgruntled' shareholders, claiming that they had spooked potential investors.
A group of unhappy shareholders had held an extraordinary general meeting in the months ahead of the liquidation and voiced serious concerns about the firm, later seeking to have their own liquidator appointed.
An outcome from the CEA's own investigation of the collapse of the firm is awaited
Liquidator Colin Gaynor of Resolute Advisory was appointed to Hibergene Diagnostics and to a related firm, Hibergene Diagnostics Sales. He has since filed reports to the Corporate Enforcement Authority (CEA).
An outcome from the CEA's own investigation of the collapse of the firm is awaited.
A recent filing to the Companies Registration Office by Mr Gaynor showed that during the period September 2023 to March 2024, he was paid fees of €49,200.
The filing, the most recent from the liquidator, also stated that a further €31,000 was paid in legal fees by Hibergene Diagnostics. Another €59,132 was paid to Gaynor during the same period by a second company in the group – also in liquidation – called Hibergene Diagnostics Sales
The CRO filings show that this second company paid Hibergene Diagnostics a dividend of €50,000 during the same period.
Since Gaynor was appointed liquidator in 2022, a total of €246,000 in receipts has come into Hibergene Diagnostics' account, including the dividend from Hibergene Diagnostics Sales.
The sale of an asset had brought in a further €85,000 during the period, while an earlier filing showed that €14,466 had been generated from a previous sale of assets. The liquidator did not give a description of these assets.
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The filings showed that the liquidator subsequently paid €55,239 to employees
When the firm collapsed in 2022, the Sunday Independent spoke to staff who had not been paid their wages.
The filings showed that the liquidator subsequently paid €55,239 to employees. The filings also showed that Hibergene Diagnostics had received €72,937 from the Department of Social Protection employee insolvency fund.
Former CEO David Corr received a separate payment of €2,501, the filings showed.
The liquidator had also paid over €12,000 in IT costs and he previously explained that this was done to dismantle a server in the companies office in order to retrieve 'valuable company information... including, but not limited to, information pertaining to intellectual property.'
As of March 8, 2024, Hibergene Diagnostics had a total of €53,041, while Hibergene Diagnostics Sales had €30,561.
'As previously advised, it is not appropriate for my office to comment on specific case matters, except to say Hibergene Diagnostics Limited is in creditor voluntary liquidation,' said Gaynor when asked to comment.
'Accordingly, in accordance with the Companies Act, the creditors have been updated and their approval obtained where required.'
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