Kielys Elect Liquidation:letter & phone call requesting to sign over proxy rights

In the case of Rocca Tiles, it turned out that the Directors personally paid for all refunds because they wanted to continue in Business elsewhere, or were Directors in other companies, which is fair enough.

I have made a few phone calls regarding this this morning and it turns out that Kielys have secured all customer monies to be refunded by the liquidator once he/she is appointed. I have checked this from a legal point of view and it appears that if they appoint the liquidator there is no reason for them not to be allowed to do this

FredBloggs said:

The directors of Kielys cannot promise to give you credit or a refund once the company is in liquidation. Your status will be as unsecured creditors and you rank behind any secured and preferntial creditors.
What may be happening is that they are hoping to go back into business and are hoping to buy the liquidated business off the liquidator. But make no mistake about it - no matter what they tell you - they cannot give you any guarantees now - stock back, refunds or otherwise.

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Ob5, your information is incorrect in respect of Liquidations in general. The correct position in respect of the Liquidation is as Fred Bloggs outlined above. The Liquidator is completely in control once appointed and the Directors have no say whatsoever.

The statement of affairs when filed in the companies registration office will show the true financial position and what is realisable.

Hey guys i've purchased €2020 worth of goods from Kielys and they haven't contacted me by phone or my post. Does anybody have a number I can contact them on?

Lads, I can't make the meeting on Monday (grandmothers funeral). Can someone let me know what happened (pm me and give mobile number).

I would also like to find out what happened in the meeting if anyone can PM me please.

Anyone go to the meeting today & if yes whats the scoop?

Thursday, June 19, 2008

Kiely’s creditors are told their cash is protected

CREDITORS of collapsed electrical goods retailer Kiely’s have been reassured that their cash is safe.


Anxious creditors, including employees, customers and electrical company representatives, spilled out of the conference room and in to the corridor at a packed meeting with the liquidators in the Killarney Court hotel on Monday.

Joint liquidators Marcus Treacy of O’Connor Kelliher and Treacy, Killarney, and Tom Kavanagh of Kavanagh Fennell, Dublin, have been appointed.

Their priority will be to try to sell the business as a going concern and to realise the assets of the company.

The meeting also appointed a committee of five inspectors.
Mr Kiely confirmed that all funds sent to the company in advance by customers for goods ordered were deposited in a special bank account to protect the customer funds.

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