ACCOUNTANT Mr Paul Mackay has been appointed examiner of Formprint, the Dublin printing company which has total liabilities of £2.5 million.

Formprint, which employs 15 people, has a turnover of £4 million and exports 70 per cent of its production to the UK.

Mr Mackay says that Formprint's directors - who are also major shareholders in the company - have already received approaches from a number of parties interested in injecting new capital to allow a restructuring of the company.

Formprint's exports to the UK were distributed by a wholly owned subsidiary, Fanfold Paper Supplies, but this subsidiary was put into receivership recently by Bank of Scotland. Formprint's investment in Fanfold totalled £400,000. Apart from the Fanfold receivership, Formprint also suffered badly from the strength of the pound against sterling, with the sharp fluctuations in the exchange rate affecting the price of raw materials.

Mr Mackay said he believes that if Formprint concentrates on the home market, it would benefit from higher returns even though it would have a lower volume of sales.

Of the total liabilities of £2.5 million, £160,000 is due to the Revenue Commissioners, AIB is owed £89,000, while ICC is owed £115,000.