DIASPORA broadcaster Irish TV is to be wound up as it failed to secure new investment and had ‘no reasonable prospect’ of survival.
Efforts to secure investment have failed and following a hearing today, the High Court placed Eochair Media Holdings Limited and Teilifís Maigh Eo Teoranta – trading as Irish TV – into liquidation.
The liquidator will now set about selling off assets, collecting debts, and paying outstanding costs to creditors.
Earlier this year, The Irish Post reported how the station had suspended production and were looking for a new investor following the resignation of John Griffin.
London-based ‘minicab millionaire’ Mr Griffin had previously funded Irish TV to the tune of €15million before his resignation in October.
The broadcaster had made an application of protection to the High Court in Ireland in November to be placed into Interim Examinership while it attempted to raise new investment.
Interim examinership is a process in Irish law whereby the protection of the Court is obtained to assist the survival of a company, allowing it to restructure.
Former examiner, Michael McAteer, has been appointed as liquidator.
In a statement released on behalf of Irish TV, the station said it is with “great sadness” the station would be placed into liquidation.
“It is with great sadness and regret that Irish TV announces that the television channel has been placed into Liquidation. The High Court discharged Michael McAteer of Grant Thornton as Interim Examiner and appointed him as Liquidator.
“On 10 November 2016, Irish TV had made a successful application to the High Court for the company to be placed into Interim Examinership,” the statement continued.
“The company had sought the protection of the High Court in order to undertake restructuring and raise new investment at Ireland’s only international TV network.
“However, efforts to secure the required investment have failed and following a hearing today, the High Court placed Eochair Media Holdings Limited and Teilifís Maigh Eo Teoranta, trading as Irish TV, into liquidation.
“Irish TV would like to sincerely thank all the staff and contractors for their loyal service and dedication over the last number of years.
“Irish TV would also like to thank the many viewers and advertisers who supported the channel over the years.”
Irish TV was set up in 2014 by former journalists Pierce O’Reilly – the company’s CEO – and Mairead Ni Mhaoilchiarain, its managing director.
The station had been available for viewing on Sky channel 191, free to air boxes, Freesat channel 400 and online at IrishTV.com.
Earlier this year, Irish TV announced a worldwide access deal with Tata, a global communications network which broadcasts across five continents.
With the deal, the station was broadcast to Irish people in the US and Britain via a phone app from July 1, with plans to expand to other regions in the future.