An interim examiner has been appointed by the High Court to a company operating a chain of fuel stations employing 140 people.

Tougher’s Oil Distributors Ltd, with registered offices in Naas, Co Kildare, ran into difficulties as a consequence of using its surplus cash to make several property investments during the economic “boom”, Bernard Dunleavy BL, for the company, said yesterday.

A lot of those properties had since gone into the National Assets Management Agency, he added.

The company had put in place a series of measures including costs rationalisation and an independent accountant had expressed the view it had a reasonable prospect of survival on conditions including guaranteeing continuity of oil supplies, counsel said.

Mr Justice Brian McGovern said he would grant court protection and appoint Mr McAteer, of accountancy firm Grant Thornton, as interim examiner.

He returned the matter to November 9th.