Examiner appointed to 'Buy and Sell'

THE HIGH Court has confirmed the appointment of an examiner to the company that publishes the Buy & Sell advertising paper…

THE HIGH Court has confirmed the appointment of an examiner to the company that publishes the Buy & Selladvertising paper after being told a scheme aimed at its survival had been drawn up.

Last month, the court was told the company was insolvent and unable to restructure a debt of €18.3 million, mainly owed to National Irish Bank (NIB). The paper provides a classified advertising service to the public and to trade advertisers.

Ms Justice Mary Laffoy appointed Tom Kavanagh as interim examiner to three companies, B and S Ltd, Buy and Sell Northern Ireland Ltd and Naldin Ltd, Morehampton Road, Dublin.

Yesterday, the judge confirmed Mr Kavanagh as examiner after hearing survival proposals had been drawn up to enable the company continue as a going concern.

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The company employs 64 people and while the circulation of Buy & Sellhas dropped to 31,500, there has been a substantial increase in the number of visitors to its website to 572,000 from 237,000 last year, the court heard.

Rossa Fanning, for the company, said there had been 15 “expressions of interest” from third parties in the company since the interim examiner was appointed. There had also been a proposal of additional investment in the group, by one of its companies, Naldin Ltd, under a survival scheme.