The High Court yesterday appointed Aengus Burns of Grant Thornton as provisional liquidator to JACC Sports Distributors in the latest episode of the rapid unraveling of one of the FAI’s most important contracts.
The company had supplied kit to the FAI since 1994 but was hit with an immediate ending of their contract on Monday and the triggering of a petition to liquidate the business by its largest creditor, a factoring and finance company called Deal Partners.
The application was adjourned on Wednesday but was back before the court yesterday.
Legal representatives of two other creditors Ulster Bank and the revenue said they did not oppose the application in the case of the bank, and were reserving their position on the matter in that of the revenue.
There was no representation for JACC Distributors which the judge noted as ‘a surprise’ given the gravity of the proceedings.
The provisional liquidator will now have access to the company’s financial statement and to control of what is believed to be €9 million worth of stock.
The company provides the kit for the Republic of Ireland international teams and the replica kits that are sold through Elvery’s as the FAI’s exclusive retail partner.
As of this morning, there are Men’s adult and child kits available on Elvery’s website but the Adult Women’s kit with the Sky branding and the baby kits are showing as out of stock.
The judge, Justice Brian O’Moore, adjourned the hearing to determine if the appointment would be made permanent until next week suggesting that the company may yet resist the application or dispute the allegation of Deal partners.
There is still hope that the company and 30 jobs may yet be saved if a new investor can be found but with the FAI contract notice having been served, that level of uncertainty will be a barrier.
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