Interim examiner for heating supplier
THE HIGH Court has appointed an interim examiner to a heating and plumbing supplier which employs 16 people. Arcon Heating and Plumbing Suppliers Ltd, Rialto, Dublin, sought the protection of the court after NIB appointed a receiver to it late last week.
Declan Murphy, for Arcon, told the court the actions of the receiver, who has indicated the likelihood of redundancies at the company, would “profoundly damage the company’s prospects of surviving as a going concern”.
Chartered accountant Neill Hughes was appointed as interim examiner to Arcon and a related company, Nearblue Limited, by Mr Justice Kevin Cross after being informed an independent accountants’ report said the companies had a reasonable prospect of survival. The judge also made orders, on an ex-parte basis, dismissing the bank-appointed receiver. The matter was adjourned and will return before the High Court later this month.
Moving the petition on behalf of Arcon, Mr Murphy said the company got into cash-flow difficulties due to the downturn in the construction and property sector, and more recently when National Irish Bank withdrew from an invoice finance arrangement it had operated with Arcon since 1999.
Mr Murphy added that the receiver was due to meet the company next Tuesday.