The High Court has appointed an accountant, Mr Neil Hughes, as examiner to a pig slaughtering and breeding company, Macmine Castle Enterprises Ltd, of Macmine, Bree, near Enniscorthy, Co Wexford.
Last Wednesday, Mr Hughes was appointed interim examiner to the company, which was stated to have creditors owed €1.5 million. When the petition for the appointment of Mr Hughes as examiner came for hearing yesterday, Mr Justice O'Donovan initially adjourned the matter following objections on behalf of a major supplier of pigs, Mr Thomas Leahy.
Mr Leahy claims to be owed approximately €500,000 by the company and to have a personal guarantee from a director of the company, Mr Rory Dunne, regarding the company's debt to him. Following discussions between lawyers for the sides outside the court, the parties returned to court. They told the judge they had reached a measure of agreement and Mr Dunne was prepared to give an undertaking.
Mr Dunne undertook before the court that the company's assets would not be disposed of for the period of the examinership and for two weeks thereafter. Mr Dunne stressed there had never been any question of disposing of the assets.
In a report from independent accountants presented to the court last week, it was stated, despite significant losses incurred throughout 2002, the company's directors believed that with investment sufficient to facilitate a scheme of arrangement for the creditors, the company was capable of survival.
