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Saturday 3 December 2016

Stanley Newsagents chain in examinership

RETAIL

A company that runs six newsagent stores in Dublin shopping centres is insolvent and unable to pay its debts, the Circuit Civil Court was told.

Barrister Arthur Cunningham, for the Revenue Commissioners, said Crossan Hennessy Newsagents Ltd, which trades as Tom Stanley Newsagents or Stanley Newsagents, had understated VAT and PRSI liabilities for the past five and a half years.

He asked Judge Jacqueline Linnane to put the question of the ongoing examinership for the company into Thursday's court list for mention so that Revenue would have a clearer understanding of what the situation was.

Mr Cunningham said Revenue required a detailed response from the company to a list of queries he had delivered to the interim examiner on Monday.

Ross Gorman, counsel for the company, told the judge that Joseph Walsh, of accountants Hughes Blake had been appointed as interim examiner to the company which runs newsagents stores in The Square Tallaght (left), Blanchardstown, Omni Park Santry and Jervis Street Shopping Centres.

The court heard that the three company directors David Crossan, Ticknock Grove, Sandyford, Dublin 18; Tim Hennessy, Rathmore, Rednagh Road, Aughrim, Co Wicklow and Tomas Hennessy, Cairnfort, Stepaside, Co Dublin, had agreed to petition the court for protection from the company's creditors which had been granted on May 8.

Independent accountant Michael Fitzpatrick said the company had a reasonable prospect of survival under examinership which would include fresh investment in any rescue scheme.

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