A Clare based Pharmaceutical company, which employs over 100 people has been ordered by the High Court to wind down.
The court has heard that Avara Shannon Pharmaceutical Services Ltd has racked up significant losses and is unable to pay redundancy to its workers.
In an application brought by the company itself, the High Court heard that Avara Shannon Pharmaceutical Services Ltd was hopelessly insolvent, and loss-making to the tune of €9.5 million per year.
The company manufactures chemicals for the pharmaceutical industry.
The Irish Examiner and Irish Times report that Ms Justice Leonie Reynolds appointed KPMG’s Shane McCarthy and London based insolvency practitioner Edwin Kirker as joint provisional liquidators to the company.
The company’s legal representative said hope remained that a buyer could be found, but that its financial position was “bleak”, and it could not pay the level of redundancy sought by its 115 workers.
The matter is due to return before the court later this month.