Interim examiner appointed to Xtravision

Xtra-vision's outlets will continue to operate as normal following the appointment of an interim examiner to the company, the High Court heard this evening.

Xtra-vision's outlets will continue to operate as normal following the appointment of an interim examiner to the company, the High Court heard this evening.

The company, which has 1,300 employees in more than 180 stores both sides of the border, sought the protection of the courts from its creditors because it is insolvent and unable to pay it debts as a result of cash flow difficulties.

Xtra-vision's difficulties have been caused by factors including falling revenues and a decision by two providers of trade credit insurance to Xtra-vision's suppliers to withdraw their coverage.

Today at the High Court Mr Justice Patrick McCarthy said he was satisfied to appoint Mr David Hughes of accountancy firm Ernst and Young as interim examiner of Xtra-vision Ltd after being informed that an Independent Accountant's Report has shown that the company has a reasonable prospect of survival.

Rossa Fanning Bl for Xtra-vision told the court that the company was petitioning the court for the appointment of an examiner because despite the current difficulties the directors believe that the company is a good, viable business.

Figures contained in the Independent Accountant's Report show that the vast majority of its stores are profitable.

Mr Justice McCarthy, who noted the number of jobs involved and that further investment in the company was proposed, said that the this "was an appropriate case" where an interim examiner should be appointed.

The Judge made the matter returnable to later this month, when the courts resume from their Easter vacation.

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