The operating company for Clerys Department Store, which closed its doors last month, has been wound up.
The High Court this morning confirmed the appointment of joint liquidators to OCS Operations Limited and ordered the winding-up of the company after hearing there was no opposition to the application.
The court was told the liquidators now plan to carry out an investigation into the conduct of former directors of the company in the 12 months prior to the appointment of provisional liquidators last month.
They have also been ordered to provide the liquidators with a statement of affairs.
In a report presented to the court, the joint provisional liquidators said concerns had been raised by creditors and concession holders at the store about the conduct of the former directors, the operation of bank accounts and other issues, which will now be fully investigated.
Also under the liquidation process, a Committee of Investigation will be set up, which will include five representatives of creditors, the court was told.
Senior Counsel Paul Gallagher for the liquidators said a meeting of creditors will be held in August where any concerns raised by creditors will be discussed.
Mr Gallagher said the liquidators had reported that €1.4m was owed to concession holders who had raised concerns about the operation of bank accounts and there would now be a "comprehensive investigation".
He said the outcome of any investigation would be sent to the Office of the Director of Corporate Enforcement.
Mr Justice Brian Cregan was told that 134 people had been directly employed by the company with a further 330 employed by concession holders who operated in the store.
The Department of Social Protection was continuing to deal with former employees and would handle all redundancy payments, the court heard.
Preferential creditors included the Revenue Commissioners, who are owed €8,000, and Dublin City Council, which is owed €472,000 in rates for six months.
Unsecured trade creditors are owed €613,000 but retention of title claims may reduce this figure.