A court yesterday ordered the liquidation of PEG, a once-popular book publishing house known especially for school textbooks.
The courts concluded that the Publishers Enterprises Group (PEG) had debts of €500,000 and no feas-ible means of making good for this sum. Mr Justice Joseph Zammit Mc Keon delivered this judgment following an application filed by PEG. The court had put the company on what is known as a recovery procedure under the guidance of a special controller who was responsible to administer the company's business.
But the controller reported back to the court that PEG owed substantially more money than it had in assets and had no realistic hope of making a reasonable income.
During a special meeting with the controller, the company's creditors unanimously voted for PEG to be put into liquidation.