Examiner appointed to LJM Ireland Ltd

A Wicklow building construction company has gone into examinership.

The High Court appointed an interim examiner to LJM Ireland Limited, which is based at Stephen Street, Dunlavin, Co Wicklow and is now insolvent.

Seeking the appointment, the company said its financial difficulties have been caused by a number of factors, including debts it has built up due to its decision some years ago to acquire development land.

The land was acquired with finance from AIB Bank, which the company now owes more than €4m.

The company has also encountered problems with a contract it has to carry out work at the VEC school in Enniscorthy, Co Wexford.

The company employs four people, but has engaged the services of sub-contractors on various building projects during its 20-year existence.

At the High Court on Wednesday Mr Justice Michael Twomey said he was satisfied to appoint insolvency practitioner Joseph Walsh of Hughes Blake Chartered Accountants as interim examiner of the company.

The judge made the appointment after an independent expert’s report said the company has a reasonable prospect of survival as a going concern.

Barrister Ross Gorman for LJM Ireland Limited said the company hopes the examiner can put together a scheme of arrangement with the firm’s creditors.

Counsel said the company has a good reputation and has undergone a number of projects including building hundreds of social housing units for various local authorities in counties Kildare, Carlow and Wicklow.

The company will also concentrate on its core business of construction, which counsel said is profitable. The examiner would also be able to either repudiate or renegotiate the contract concerning the school in Enniscorthy, counsel added.

The matter will return before the court later this month.