INTERIM EXAMINER APPOINTED TO CELTIC PURE

6 September 2019 No Comments by The Northern Standard

By Veronica Corr

An interim examiner was appointed to Celtic Pure at the company’s request in the High Court last week. National media reports stated that Mr. Justice David Barniville, having read an independent expert’s report, felt that the company had a good chance of surviving as a going concern, if the examiner could come to an arrangement with creditors on its behalf. It was also reported that the company had claimed that its sales for August were down 75% and that it had to absorb an estimated €3 million in one-off costs.

Having appointed an examiner, the judge adjourned the case until later this month. In response to a request from this newspaper, Celtic Pure issued a statement last Thursday, August 29th, in which it was confirmed that the unlimited company had made an application to the High Court requesting that it be placed in examinership. Subsequently, Mr. Declan McDonald of PricewaterhouseCoopers (PwC) was appointed. This appointment was hailed as “the end of a difficult time for the company.”

The statement went on to reiterate that subsequent to two product recalls in recent weeks, (arising from a mechanical issue with the filtration of Well 3) one well remained decommissioned while the other six functioned without issue. The firm was also pleased to announce that the HSE had signed off on the quality of the water and gave Celtic Pure the green light to continue production as normal, which would allow the company to reengage with its key customers and continue to supply a high quality, approved product. The statement explained that examinership gives a company…

Comments are closed.