Construction firm behind high-profile Clare projects enters liquidation

A Limerick-based construction firm which was behind a number of high-profile projects in Clare has entered liquidation.

Nautic Building Company, which was based at Courtbrack Avenue, just off South Circular Road in Limerick city, was brought to an end following a creditors' meeting at the South Court Hotel.

It's understood the firm, which had been in difficulty for over a year, had in the region of 30 permanent staff.

The meeting - described as "fraught" by sources present - saw Deloitte's Andrew Byrne and James Anderson appointed as  joint liquidators.

Approximately 250 building contractors are owed significant amounts totalling more than €5m altogether.

Founded in 1981, Nautic were involved in the building of many projects across Limerick and Clare as well as nationally.

Locally, the company was behind the recently-completed €8m development of industrial space at Shannon Free Zone while it was also responsible for the 60-bed block at University Hospital Limerick.

Other projects in Clare include the upgrade of Doolin Coast Guard station and the €3m expansion of the Modular Automation facility in Shannon.

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According to a report in the Sunday Independent, the €5.2million liabilities include more than €4.28m in trade payables, a €196,600 debt to Revenue, and more than €288,500 in claims from 21 employees.

Sources present at the creditors meeting have suggested some sub-contractors spoke of going out of business themselves due to unpaid bills from Nautic.