The High Court has formally wound up Ireland's only vinyl records manufacturer with the loss of over 20 jobs.
At the Court on Monday, Mr Justice Brian Cregan made orders winding up and appointed Ken Fennell and Eamonn Richardson of Interpath Advisory, as joint liquidators of Pressing Matters Limited trading as 'Dublin Vinyl'.
The court heard that the company, which petitioned the court for the winding up orders, is unable to pay its debts as they fall due and has liabilities over assets of €1.3 million.
Last month, when the liquidators were appointed on a provisional basis, the court heard that it was hoped that their appointment might allow the firm to complete outstanding orders worth €500,000.
On Monday, Sam Collins Bl for the liquidators told the court his clients had deemed that it was not feasible to carry out that work.
All of the firms employees have been made redundant, counsel added.
Counsel added that his clients have received four separate offers for the companies assets, which they are currently considering.
Previously, the court heard that company had 22 full-time employees and four full-time contractor workers.
It was founded in 2016 and had contracts for major record companies and artists, including "Taylor Swift".
Represented by Peter Shanley Bl the firm sustained significant losses in 2022 and 2023, due to factors including the Covid-19 pandemic, Brexit, the war in Ukraine, the loss of a major contract, and the failure of record-pressing machines it had ordered to arrive on time.
The court heard the company had looked at alternatives, including examinership, but were of the opinion that the best option was to liquidate the company.
Counsel said the company, which has rented units in Dublin, had come under pressure from its creditors, including its energy supplier, which had threatened to cut off its electricity over unpaid bills.
