A MEATH company which builds truck bodies and trailers was severely hit by a fire and two break-ins at its Enfield factory, the High Court was told yesterday.
Mr Justice John Hedigan heard the recession was the last straw for Tony Gray Truckbuilders Ltd, Hill of Down, Enfield, and the firm was now unable to pay its debts.
Counsel for the company, which sought the protection of the court through the appointment of an interim examiner, said that in the first of the break-ins, two €50,000 trucks had been stolen. In a second attack, serious damage had been caused to machinery.
He said that following a fire in 2006, the company had recovered only €1.15 million of its €3.5 million loss through an insurance claim.
The court was told that the company, founded in 1960, had entered a loss-making phase in 2004 but had returned to profitability two years later before being hit by the fire.
Counsel said an independent accountant had reported that the company, now barely breaking even in trading, had a reasonable prospect of survival if given protection of the court.
Mr Justice Hedigan appointed Neil Hughes, of Hughes Blake and Co, as interim examiner and adjourned the matter until next Monday.
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