Huguenot Xmi granted request for examinership
Design agency directors Dan Byrne and Daniel Noel Coughlan get court protection
Barrister Ross Gorman told Judge Sinéad Ní Chúlacháin the website design firm wanted court protection from its creditors while a financial rescue plan was sought
A multiskill creative marketing agency, whose key clients include some of the biggest business firms in the country, is unable to pay its debts, the Circuit Civil Court was told on Monday.
Barrister Ross Gorman told Judge Sinéad Ní Chúlacháin that the website design firm Huguenot Xmi Limited, through its two Cork-based directors, Daniel Noel Coughlan and Dan Byrne, was seeking court protection from its creditors while a financial rescue plan was sought.
Mr Gorman, who appeared with solicitors Fanning Kelly for the company, said Mr Coughlan, of Foxford Drive, Garryduff, Cork, and Mr Byrne, of Merton Lodge, Model Farm Road, Cork, were asking the court to put the company in examinership as it was insolvent.
The judge granted the request and appointed Joseph Walsh, chartered accountant with Hughes Blake, interim examiner to draw up a survival plan to save the firm and the jobs of its 14 employees.
Finbarr Buckley, of Buckley and Co Auditors and Accountants, said in an independent expert report for the court that the firm stands a reasonable prospect of survival.