Despite its difficulties an independent Expert’s Report had stated that Metron has a reasonable prospect of survival if certain steps, including getting fresh investment and the approval of a scheme of arrangement with the firm’s creditors, were taken.
However, on Thursday Mr Justice Quinn was informed that the proposed investor had pulled out of the process, with the result that there was no reality of a scheme being put together that would save the business. Mr Justice Quinn agreed to make orders winding up the company and that Mr Joe Walsh, who had been appointed as examiner to the retailer, act as the firm’s liquidator.
However, when the matter was before the court last month the FSAI said it had concluded its investigation and is satisfied with all of the steps taken by the company.