‘Shock’ at waste firm’s court bid

WORKERS at collection and recycling firm Mr Binman are “shocked and worried” to have learned the company has gone into examinership.

SIPTU official Davy Lane last night said that workers were shocked to learn the company “went to the courts” on Wednesday, some hours after a man blocked the entrance to its Carrick-on-Suir depot.

Mr Binman has stated “the company continues to trade as normal” after the High Court on Wednesday appointed an interim examiner to oversee the firm. Mr Binman provides services to both household and commercial customers throughout the south of Ireland.

Mr Lane yesterday said the businessman blocked the entrance to the depot over the alleged non-payment of a bill. However, there is no evidence the protest and the court hearing are linked.

Following a decision by Bank of Scotland (Ireland), the company in a statement said its directors took the decision to “petition for examinership” for protection while management negotiates a restructuring of its debts and new equity investment for the companies.

Over the last 18 months the company said it has “found itself at the mercy of Bank of Scotland Ireland” which, the statement said, was “a foreign-owned bank whose sole objective now in the Irish market is to run down its loan book”.

In the High Court, Justice Mary Finlay Geoghegan appointed Billy O’Riordan of PricewaterhouseCoopers as interim examiner to the Mr Binman Group. The company’s application will be heard in full next Tuesday.

The company, in its statement, said that it “provides vital employment” directly to 331 people and indirectly to approximately 280.

Mr Binman said that it has a viable business plan and, working together with the newly-appointed examiner, will use the time to negotiate with potential investors and a number of parties have expressed their interest in the company.