The High Court has appointed an examiner to a Co Meath company which builds truck bodies and trailers.
Mr Justice John Hedigan heard today that Tony Gray Truckbuilders Ltd, Hill of Down, Enfield was unable to pay its debts due to the recession. The court also heard the company's factory was severely hit by a fire and two break-ins in the past.
Counsel for the company, which sought the protection of the court through the appointment of an interim examiner, said that in the first of the break-ins two €50,000 trucks had been stolen and serious damage had been caused to machinery in the second break-in.
He said that following the fire in 2006, the company had recovered through an insurance claim only €1.15 million out of a loss of €3.5million.
The court was told that the company, founded in 1960, had entered a loss making phase in 2004 but had returned to profitability two years later before being hit by the fire.
Counsel said an independent accountant had reported that the company, now barely breaking even in trading, had a reasonable prospect of survival given protection of the court.
Judge Hedigan appointed Neil Hughes, of Hughes Blake and Co, as interim examiner and adjourned the matter until next Monday, August 24th.