Well-known Limerick building firm enters liquidation with €5.2m owed to creditors

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A LIMERICK building firm has gone bust, with reports that it owes liquidators over €5million in outstanding bills.

Nautic Building Company, founded in 1981, has entered liquidation, with the company owing its creditors €5.2million, it is understood.

Liquidators Andrew Byrne and James Anderson were appointed to the company earlier this month.

This decision arose following what was described in the Sunday Independent as a “very fraught” creditors meeting at the South Court Hotel in Raheen.

According to the Sunday Independent, the €5.2million liabilities include more than €4.28m in trade payables, a €196,600 debt to Revenue, and more than €288,500 in claims from 21 employees.

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According to the newspaper, a statement was read at the meeting on behalf of Nautic, stating that the company had been involved in several high profile projects throughout 2023.

These included large-scale housing development in Castleconnell, Murroe Wood Community Centre, and a large private project.

It is understood that the letter stated these projects presented “considerable profitability challenges”.

A search on Irish companies monitoring website SoloCheck shows that a form to have the company wound up was submitted on February 14, as well as forms to notify about the appointment of liquidators.