Monsoon Accessorize to seek High Court protectionTuesday 05 March 2013 21.51
The Monsoon Accessorize women's clothing chain, which employs 269 people in Ireland, will seek High Court protection next week so it can continue as a going concern.
Mr Justice Brian McGovern said he will hear an application to appoint a full examiner to the Irish arm of the UK-based firm on 13 March.
Monsoon Accessorize Ireland Ltd has 18 stores around the country.
The examinership process allows a company that has some chance of survival to avail of court protection for up to 100 days.
Bernard Dunleavy, BL for the company, said it is seeking examinership so that measures can be brought in to secure its future.
An independent accountant's report along with a very "candid" review by international retail consultants, the Javelin Group, will be available to the court, counsel said.
Mr Dunleavy said the company's largest creditor was the UK parent company, Monsoon Accessorize Ltd, which is owed €5.6m.
He said he was seeking directions from the court in relation to advertising of the petition and who the notice parties should be.
Mr Dunleavy asked that the Revenue Commissioners be a notice party although, he said, the company's tax liabilities were up to date.
The judge made the directions sought and returned the matter to next Wednesday.