JUDGMENT was reserved in the High Court yesterday in proceedings in which a former director is challenging the validity of a petition to appoint an examiner to a Dublin based printing company.

Mr Norman Blakely, operations manager of Aston Colour Print Limited, St Stephen's Green, Dublin, is claiming that the petition brought by the other director, Mr Declan Campion, is not properly constituted.

Mr Justice Kelly said he would reserve his decision on the matter until today.

The petitioner, Mr Campion of The Pines, Castleknock, Dublin, who holds 15 per cent of the company's shareholding, claimed yesterday that the board unanimously resolved on January 27th last to seek the protection of the court. On February 5th last, Mr Justice Shanley appointed Mr John McStay, chartered accounted, as interim examiner.

In an affidavit, Mr Blakely of Delaford Drive, Templeogue, Dublin, said that on January 27th last there were only two directors of the company at what he described as a weekly management meeting - Mr Campion and himself. No board meeting took place on that date and no resolution was passed. Mr Blakely said he submitted his letter of resignation as company director to Mr Campion on January 29th.

Mr Blakely said he worked in the printing business for more than 12 years and his expertise was in production. He previously worked for Aston Colour Press Limited, whose assets and liabilities were sold to the newer company in April 1996. From that date he was employed as operations manager for the company. In or around November 1996, he was asked by Mr Campion to become a company director.

He was extremely upset when a notice was published in the daily papers on February 6th reporting that the company was in examinership. The report indicated that a petition on behalf of the company's two directors, Mr Declan Campion and himself, had been presented to the High Court.

Mr Campion said in evidence that he was chief executive and manager of the company and that - a board meeting had taken place on January 27th last at which it was unanimously agreed that to petition the High Court for an examiner to be appointed.

Replying to Mr Charles Meehan SC, for the petitioner, Mr Campion, said that while the form of the resolution was informal everybody agreed on the action to be taken. Mr Campion said he took down notes during the meeting and later typed them up himself. He produced them in court.

Mr Liam Lyons, financial controller of the company, told Mr Meehan he believed a decision was taken at the meeting that they would pursue an examinership.

Cross examined by Mr Ian Finlay SC, for Mr Blakely, Mr Lyons said there was no vote taken and no resolution in relation to an examiner. Mr Lyons said he was aware himself of the serious financial affairs of the company going into the meeting which was held on a Monday evening and that it would be more important than previous meetings.

At the conclusion of the meeting he believed a decision was taken to pursue an examinership and he was asked to get in touch with chartered accountant Mr John McStay. He later made a note of the decision.

Mr Sean Power, a shareholder of the company who chaired the meeting, said the company held meetings every Monday evening and they were informal. Decisions were made by consensus.

Questioned by Mr Meehan, Mr Power said they all agreed that the examinership option, suggested by Mr Lyons, should be pursued. Such a route would enable them to save some jobs, allow creditors to receive some of their money back and, perhaps, allow the company to continue.