Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Construction firm Mivan is to terminate the contracts of 98 workers. This follows the company’s entry into administration the previous week.
Reportedly, the company has been in financial difficulties over a longer period and had cut down on staff after losing major contracts.
The management is currently looking for interested buyers.
One of Northern Ireland's best known construction companies, Mivan specialised in fitting out cruise ships and high-end commercial and residential developments.
UPDATE, 27-01-2014:
Mivan has announced to cease trading after not having found a buyer. In result, an additional 144 workers are to be made redundant. In total, job dismissals thus amount to 252 workers. The remainder of the staff will stay at the company until the administration and a few remaining contracts will be finalised.
Eurofound (2014), Mivan, Bankruptcy in United Kingdom, factsheet number 76511, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76511.