A BUILDING company which says it is "wholly solvent" with an annual turnover of some €100 million has secured a temporary High Court injunction restraining a large electrical company from seeking its winding up over alleged non-payment of a debt.
McCabe Builders (Dublin) Ltd claims the bringing of the winding-up petition is "an illegitimate and oppressive tactic" by Dlok Electrical Services Ltd and Dlok Mechanical Services Ltd to force McCabe's to settle an "unfounded claim" for payment advanced by the defendants "with some aggression" after McCabe's terminated their subcontracting contract.
Mr Justice Michael Peart yesterday granted an interim order to Rossa Fanning, for McCabe's, restraining any further steps in the winding-up petitions and made the matter returnable to next week.
The order restrains the defendants, with registered offices at Roseville Business Park, Turvey, Donabate, Co Dublin, from publishing details of petitions for the winding up of McCabe's which were presented by both Dlok companies in the High Court Central Office on October 3rd last.
In an affidavit, McCabe's contracts director Padraic Brennan said the company is wholly solvent and able to pay its debts as they fall due. Mr Brennan said the alleged debt to Dlok is disputed by McCabe's in good faith and on substantial grounds.
He said the two defendant companies had been employed by McCabe's as subcontractors on an apartment development at Sean McDermott Street in Dublin under an agreement of July 2006.
Over the course of the subcontract, it became increasingly apparent the Dlok companies were having difficulties carrying out works to the standard and timing required, he said.
In those circumstances McCabe's had no alternative but to terminate the subcontract on September 4th last, he said.
He said McCabe's has not discharged its debts to the Dlok companies because it does not believe it has any liability to them.
He said the presentation of the winding-up petitions was a "wholly inappropriate tactic" in circumstances where the amounts sought by the Dlok companies were the subject of separate proceedings issued by them on September 16th but later withdrawn for unexplained reasons.
