One of the oldest building firms in the midwest region, Tom Hayes Ltd, has gone into liquidation.

The company, based in Killaloe, Co Clare, since the mid 1950s, once had a turnover of over €40m, but is now understood to have net losses of €1.7m.

Brian McEnery from Horwath Bastow Charleton Chartered Accountants has been appointed liquidator of the company.

Tom Hayes Ltd has been involved in a number of high profile building contracts since being established in 1955, including work on the University of Limerick, Limerick Institute of Technology, and a number of church projects including work at Knock shrine.

The decision to go into liquidation was taken following a creditors meeting today.

It is understood the company was another victim of the construction downturn, and in particular with slow payments and bad debts.

The company had been forced to lay off staff leading up to the downturn, and it is understood 20 employees and directors will be affected by the liquidation.