Dylan McGrath’s Fade Street Social owes €1.7m and is unable to pay its debts as heard in the Circuit Civil Court on 10 July 2025.
An examiner, Dessie Morrow, has been appointed to oversee the company’s affairs and provide a report concerning inter-company loans of nearly €4.5m.
The company’s board sought court protection on 26 June, with the goal of saving jobs for its 86 employees under a scheme of arrangement with creditors.
The court was informed that the restaurant faced a 15pc decline in sales between 2023 and 2024 due to increased costs and the Covid-19 pandemic.
Judge O’Connor granted protection to the company and appointed Morrow to oversee the restructuring efforts.
The directors shared: “the directors acknowledge that the company’s failure to pay tax was completely unacceptable. While the directors accept the company is currently insolvent they believe it has a reasonable prospect of survival. The examiner believed the company had a prospect of survival.”
