Court appoints examiner to Wicklow printing firm

A COMMERCIAL printing firm based in Co Wicklow with 18 employees has been placed in interim examinership by the High Court.

The court appointed accountant Barry Forrest, of Dublin firm Forrest Lennon, as interim examiner to Ruon Print and Stationers, of Charvey Industrial Park, Rathnew, Co Wicklow, following a petition by the company.

Mr Justice Eamon de Valera heard the company has a reasonable prospect of survival as a going concern.

John Doherty BL, for the company, said a report from an independent accountant indicated, subject to a number of conditions, that the company, which has a deficit of €359,000, had a reasonable prospect of survival. The company owes almost €1.7 million but has assets of €1.3 million.

Counsel told the court that it would be in the interests of the company's employees, creditors and suppliers, as well as the firm itself, that an interim examiner be appointed pending the hearing of the petition.

Should the company be wound up, the deficit would be €933,000.

The company, which was set up by John Murphy 15 years ago, has been quite successful, counsel said.

It has built up a good reputation and a solid client base of 400 customers.

Counsel said the main cause of the company's problems is that it is undercapitalised and lacked a cash injection to acquire up-to-date machinery.

The company said that due to the credit crisis in the banking sector and tightened lending criteria, its bank had insisted that its overdraft be repaid. Two suppliers are also demanding payment.

The court heard that the main creditors are National Irish Bank, the Revenue Commissioners and suppliers Typetec and McNaughtons.