The High Court has approved a scheme of arrangement for Ardmore Technologies, which designs, installs and maintains local and wide-area phone networks. It employs 15 people.
The company has been under court protection since September.
That examinership will be lifted on January 31st, when the scheme of arrangement will come into operation, Mr Justice Peter Kelly directed yesterday.
Neil Hughes was appointed examiner to the company which was incorporated in 1996 and has registered offices at Dungarvan Business Park, Dungarvan, Co Waterford.
The examinership was sought on the unanimous petition of the directors after the company encountered cash-flow problems last year and difficulties on certain projects.
Yesterday, the judge noted that, under the proposed scheme of arrangement, Bank of Scotland Ireland would, over time, be repaid 100 per cent of its debt, while Revenue was to receive 16 per cent of its debt.
He noted that Revenue had made a "technically correct" objection to this proposal on the grounds it is a preferential creditor ranking ahead of the bank.
However, the examiner had sought the views of the bank on modifying the scheme of arrangement, the success of which was dependent on the bank's advancing monies, and the bank had indicated it was opposed to modification of the scheme.
In those circumstances, there was "no practical reality" to the Revenue's application, the judge said.
If the court wound up the company the Revenue would have a "paper claim" for 100 per cent of its debt, but in reality would get nothing.
However, if the proposed scheme was approved, it would get 16 per cent.
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