A judge has extended the period of High Court protection for a troubled haulage company which may owe more than €560,000 in tax. The Revenue Commissioners objected to the extension.
The examiner of JR Transpeed Express Portlaoise Ltd, which specialises in transporting dry goods and hazardous materials, had asked for an extension to put survival proposals to the company’s creditors and members.
Mr Justice Max Barrett said that in the interests of creditors and of protecting the company’s 15 employees, he would extend the protection period to Thursday next.
Transpeed appeared to have encountered trading difficulties for reasons including weak financial control/management and pressures from legitimate and non-legitimate competitors, the judge said.
Joseph Walsh of Hughes Blake accountants was appointed examiner on September 25th last. He later said he could not provide a survival scheme within the statutory time limit and needed more time.