Examiners appointed to Rathwood

[DeeKie]

The CCPC should have taken action sooner.

 

[ClubMan]

New investor believes Rathwood 'fundamentally strong'

The new external investor in garden centre and outdoor furniture retailer Rathwood has said it is committed to supporting the long-term recovery and future growth of the company.

www.rte.ie

 

[Persia]

‘Give them no hope’ – Rathwood messages show continued involvement of Keogh brothers

‘Give them no hope’ – Rathwood messages show continued involvement of Keogh brothers

Internal messages at troubled retailer address which staff should be kept on and how business should be run

www.irishtimes.com

"Many serious conversations, including some in which the Keoghs and Nolan discussed how little some creditors would be getting back as a result of the examinership process, were peppered with emojis including crying/laughing faces and devils"

In another exchange Keogh said a supplier was said to be “desperate to get back on track”.

In response Nolan said the desperation was “no harm, we keep it sweating until early next week. You get to play the Kevin card; ‘he’s not happy etc but you’re trying to get it sorted’,” which was answered with a “100 per cent” emoji from Keogh.

 

[Seaniemed]

Are we looking at some sort of "bait and switch" scheme? have the brothers arranged for a connected party to buy the business at a steep discount and go back trading again?

 

[patfert1]

Are we looking at some sort of "bait and switch" scheme? have the brothers arranged for a connected party to buy the business at a steep discount and go back trading again?

It certainly sounds like something of the sort, or at the very least, they have a "friendly" party nominally owning the business now.
Could some creditors have a legal case based on these messages?

 

[ClubMan]

Court grants Rathwood injunction over stock held in warehouse

Carlow Warehousing ordered to preserve Rathwood goods it holds pending further order from the court

www.irishtimes.com

The Rathwood home and garden furniture company, which recently exited examinership, has obtained a temporary High Court injunction restraining a warehouse company from disposing of furniture which Rathwood says is held for its benefit.

On Thursday, Judge Brian Cregan granted orders to barrister Arthur Cunningham for Rathwood Home and Garden World Ltd, restraining Carlow Warehousing Ltd from disposing of and requiring it to preserve the goods it holds pending further order.

The judge also granted orders permitting the service of proceedings outside the jurisdiction on a company called Paleo Furniture Company Ltd, which the court heard is based in China and has claimed the stock stored with Carlow Warehousing belongs to it. The application was made ex parte, meaning only Rathwood was represented in court.

Earlier this year, on foot of a petition presented by Paleo, along with another creditor of Rathwood, the High Court appointed an examiner to the business. It successfully exited examinership following approval of a survival scheme last July.