Re Mahalo Limited [2020 138 COS]
Adhering to social distancing requirements in the Courtroom, Counsel for Mahalo Limited (the “Company”) presented a Petition to the High Court seeking an order for the winding up of the Company and for the appointment of a Provisional Liquidator.
The Petitioner stated that the Company’s online ordering app known as Bamboo was launched in 2018 and allows professionals to order and pick-up meals located near their place of work.
The Company partnered with over 100 hundred restaurants in Dublin, Cork and Galway and earned a small commission on orders placed with such restaurants.
The Company’s sales were projected to increase dramatically in 2020, however, as a result of the Covid-19 pandemic there is very little, if any, business currently being conducted through the Bamboo app.
The Petitioner advised the Court that it became clear that the Company was insolvent when it was no longer able to rely on the support of its principal investor to finance its cash outflows, and they were unable to obtain alternative support.
Notwithstanding the insolvency, the directors believe that the Bamboo software and app developed by the Company has significant value.
In such circumstances, Paul McCann of Grant Thornton was appointed as Provisional Liquidator to wind up the affairs of the Company and seek to sell the Bamboo platform.
The Petition has been made returnable for Monday 25th May 2020.
It is noteworthy, that in the current environment, before a Petition is issued, the Petitioner must satisfy the Central Office that the application is of sufficient urgency to be listed for hearing and have the application papers reviewed and approved by appointment with the Central Office.
This Briefing Note is not intended as legal advice. For specific queries, please liaise with Hugh Kane OR Owen Henson whose details are set out below.
Partner in Corporate Recovery/Commercial Litigation
Solicitor in Corporate Recovery/Commercial Litigation