The High Court has appointed a provisional liquidator to a Dublin-based printing business that specialises in bingo cards, scratch cards and lottery tickets, with some 47 employees.
Play Print Ltd, located at St Ignatius Road, Drumcondra, Dublin 7 was established in 1970 and had been a successful company in the Irish and overseas markets for many years.
The High Court heard the firm had become been loss-making due to factors including competition from new technologies in the online and digital sectors, which had eroded its competitiveness.
The firm also cited the shrinkage in the bingo market over the last 20 years, a decrease in the number of clubs and community centres using bingo as a means for fundraising activities, and changes in the exchange rate between Euro and Sterling arising out of Brexit as reasons for its difficulties.
The court heard that the company was now insolvent and unable to pay its debts as they fall due and its directors have taken a view the company is unable to continue in business in the medium to long term.
At the High Court on Wednesday Ms Justice Leonie Reynolds, said she was satisfied that the company was insolvent and that Mr Micheál Leydon, of Outlook Accountants, should be appointed as the firm's provisional liquidator.
The Judge said it was "unfortunate" that a company "that had been in business for almost 50 years" and has 47 employees found itself in this situation.
Seeking Mr Leydon's appointment Stephen Brady Bl for the company said the director's position was that it was in the best interest of all parties, including the creditors that a provisional liquidator be appointed.
The liquidator would be best placed to ensure existing contracts can be completed over the next three to four weeks, counsel added.
Counsel said that over the years the firm attempted to adjust to changes in the marketplace.
Part of its diversification including providing security solutions to large technology companies in the online gaming sector, including Microsoft.
However, it had been loss-making since 2016 and was "haemorrhaging funds." The company, counsel said had debts of over €500,000 and is projected to make a loss for the year ending June 30th 2019 of €161,000.
The firm had hoped to restructure the company but lacked the funds to implement such a move.
The firm's directors are its Managing Director John Martin of Glasnevin Avenue Dublin 11, Clair McCrosain Ailesbury Road Ballsbridge, Manus MacCrosain Irish Grove Mount Merrion Dublin and the company secretary is Eamon Harkin Prior Road Delgany Co Wicklow.
The matter will return before the court later this month.