Court puts Iqon Technologies into interim examinership

A company that manufactures and deals in computers and computer parts has been placed in interim examinership by the High Court. Iqon Technologies Ltd, with registered offices in Dundalk, Co Louth, has liabilities of more than €7 million and employs 108 people.

The company is considered to have a reasonable prospect of survival provided certain conditions are met, Mr Justice Peter Kelly said.

On the petition of the company's directors, the judge yesterday appointed Michael McAteer, of Foster McAteer, as interim examiner to the company, which has offices at Finnabair Industrial Estate, Dundalk, Co Louth.

The judge noted the company has been in existence for some 18 years and unfortunately had experienced a downturn in its fortunes in recent years.

It had moved from a situation where it had sustained profits of more than €2 million in 2005 to being now insolvent with a deficit of approximately €7.5 million.

A report from an independent accountant indicated that, subject to a number of conditions, the company had a reasonable prospect of survival, the judge said.

These included developing the three core areas of its manufacturing business and securing further investment.

In relation to seeking further investment, there had been an expression of interest from an entity outside the jurisdiction.

There were some optimistic signs for the company, including the fact that Phillips Consumer Electronics intended to continue to use it in connection with the manufacture of hard disk drives, the judge said.

In all those circumstances, the judge said, he would grant the petition to appoint the interim examiner.