Receiver appointed to companies in Fastnet Line

The operators of Cork Swansea ferry service have been unable to secure the investment required to ensure its survival, the High Court heard.

A receiver is to appointed to four of the companies in the Fastnet Line, which operates the service on behalf of the West Cork Tourism Society, while three other firms in the group are to be wound up.

Today lawyers for the companies examiner Mr Michael McAteer informed the High Court that as a result of the failure to secure the required investment there was no prospect of a survival scheme being put in place that would allow the firms to continue to trade.

Mr Justice Peter Kelly, on foot of Mr McAteer's application, agreed to lift the court protection that had been granted to the companies from their creditors last November.

James Doherty Bl for the examiner told the court said that efforts to secure the additional investment required to secure the service's future had failed.

As a result, counsel said Mr McAteer was no longer in a position to put together a scheme of arrangement with the firm's creditors that would allow the service based at Ferry Terminal, Ringaskiddy, Co Cork continue to trade as a going concern.

"This effectively means the end of the service, which is rather sad," said the Judge, who was told that 10 full time jobs as well as the contract workers who crewed the ferry would lose their jobs.

After the court was provided with an affidavit from Mr McAteer the Judge said the service had secured funding or more than €500,000 from bodies including Cork City and County Councils, West Cork Tourism and Kerry County Council.

However efforts to secure investment from Enterprise Ireland and Finance Wales, which is an arm of the Welsh government, were not successful, the Judge observed.

Earlier this month the Judge extended the period of examinership to the maximum 100 days allowed after being told that efforts were being made to secure the investment required.

Yesterday the judge said "with 90 days gone" and "just 10 days of the examinership process left to go", and "despite the best efforts" of all concerned, the court was now being told that there was no prospect that the investment would be forthcoming.