A County Cavan company whose financial problems appeared to have arisen as a result of the BSE crisis in 2002 and the foot and mouth crisis in the previous year was wound up by the High Court yesterday.
The biggest creditor was the Revenue which is owed over €1 million.
Mr Justice Peter Kelly appointed accountant Mr Ken Fennell to act as liquidator of Hi Tech Refrigeration Ltd with an address at Moynehall, Co Cavan, which supplied, installed and serviced industrial refrigeration units.
Mr Fennell in his report said the about 90 per cent of the company's refrigeration work was for enterprises operating in the beef industry.
The company was based in Cavan town and had 37 employees. The liquidator said that from his investigations and discussions with directors it appeared the company's problems arose as a result of the BSE and foot and mouth crises.
Mr Fennell said he was appointed as provisional liquidator earlier this month and had been advised by the directors that the main customers of the company were very concerned about installation and maintenance contracts.
The managing director of Hi Tech, Mr David Keith had told him a UK based refrigeration company, Grenco Refrigeration, had expressed an interest in operating the Irish market.
The liquidator said Hi Tech was involved in four major work-in-progress contracts for the installation of refrigeration units and there were considerable amounts of money tied up in retentions in respect of these contracts.
He was currently negotiating with the company's four main customers to see if they were willing to allow Grenco complete the work in progress.
Ms Grainne Clohessy BL, for the liquidator, said liabilities were in excess of €2 million.
The Revenue was owed €1.1. million.
The liquidator, Mr Fennell, anticipated there would be an application to the court within the next few days for the disposal of Hi Tech's assets.
The court ordered that a statement of the company's affairs be provided by Mr David Keith, who lives at Annaglough, Cavan and a second director, Ms Mary Reilly of Ballyhealan, Kilnaleck, Co Cavan.
