The High Court has ordered that a Cork engineering firm be wound up after efforts to secure its future failed. Around 250 jobs will be lost as a result.
Howley Civil Engineering, which was involved in a number of major projects including the M3 motorway and the redevelopment of Lansdowne Road stadium, which went into examinership in June.
The High Court appointed Brian McEnery as interim examiner in a bid to save the company, which is based at Rossmore, Carrigtwohil.
However, John Breslin, counsel for Mr McEnery, today told Mr Justice Eamon de Valera he had been unable to secure any investment in the company.
Mr Breslin said it had become apparent to Mr McEnery there was no prospect of investment to allow him to piece together a scheme of arrangement to rescue the company. He said Mr McEnery was applying to the court for directions and he felt the only option now was an order winding up the company.
The court heard that Howley Civil Engineering had been affected by the slowdown in the construction sector and had incurred additional costs on motorway and retail projects.
Among Howley's largest creditors are Caterpillar Financial Services Ireland plc, which is owed €5.5 million, AIB Finance and Leasing, owed €3 million and the Revenue Commissioners.
Siptu said it was in talks with Howley and its contractors over redeploying the workers being laid off. Siptu’s branch organiser Pat McGrath said efforts are ongoing to secure jobs for the workers with contractors at the ESB at Aghada power station, the Pfizer plant in Ringaskiddy, Cork and the M3 project.
Fine Gael Cork East Senator Paul Bradford said he was seriously concerned about finding high-quality replacement jobs.
"Of serious concern is the fact that, as a result of Fianna Fáil sleep-walking us into a recession, replacement jobs are not available in the region," the Senator said.