Cash Flow Services placed in receivership

One of Ireland’s largest debt collection agencies has gone into receivership, after attempts to find a new buyer during a period of protection from its creditors failed.

Cash Flow Services was placed in the hands of Dublin-based insolvency firm Kavanagh Fennell by Lombard Ireland Limited, the firm’s fixed charge holder, after negotiations broke down between Cash Flow’s examiners and a potential buyer.

This triggered a premature end to Cash Flow’s examiner ship period – which begun in November after the Irish courts granted the struggling firm 100 days protection from creditors – as no other suitable investors were forthcoming.

The firm is still trading under the management of Kavanagh Fennell, which hopes to sell the business as a......More at Credit Today