Court moves to protect insolvent concrete company

An insolvent concrete and quarrying company is to continue to receive High Court protection so it can come up with a survival plan, a judge has ruled.

Carlow-based Dan Morrissey Irl Ltd — where six years ago 16 workers won nearly €19m in the Lottery — last week obtained a court order removing bank-appointed receivers and appointing an interim examiner so restructuring efforts could be made to save 131 jobs.

AIB is owed nearly €27m by the company and last week appointed joint receivers to wind up the company, under which the entire workforce was to be made redundant.

However, the company sought and obtained court protection saying it was in consultations with another bank to come up with an arrangement whereby it could reduce the debt to manageable levels and continue trading.

Mr Justice Peter Kelly yesterday confirmed the appointment of Brian McEnery of BDO as examiner.

The judge said the company was insolvent but confirmed the examiner in light of evidence of the serious repercussions that its liquidation would have on the south-east region.

He also took account of the fact Bank of Ireland is considering providing alternate finance to restructure the €27m debt to a manageable level.