High Court appoints provisional liquidators to e-bike firm

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Modmo was affected by a serious safety issue that led to the recall of its e-bikes via IrishTimesBiz

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The company is solvent on a balance sheet basis. But once the cost of the product recall, the devaluation of the recalled stock and the remaining value of stock on hand are factored in, the company will not be in a position to meet its debts. A turnaround plan was drafted in September 2022 with a view to addressing quality and safety issues, and building new business.

 

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