Break-ins are last straw for troubled truck firm
Tuesday August 18 2009
A company which builds truck bodies and trailers was severely hit by a fire and two break-ins at their Co Meath factory, the High Court was told.
Mr Justice John Hedigan heard that the recession was the last straw for Tony Gray Truckbuilders Ltd, Hill of Down, Enfield, and the company was now unable to pay its debts.
Counsel for the company, which sought the protection of the court through the appointment of an interim examiner, said that, in the first break-in, two €50,000 trucks had been stolen and serious damage had been caused to machinery in the second attack.
PHASE
He said that, following the fire in 2006, the company had recovered through an insurance claim only €1.15m out of a loss of €3.5m.
The court was told that the company, founded in 1960, had entered a loss-making phase in 2004.
But it had returned to profitability two years later before being hit by the fire.
Counsel said an independent accountant had reported that the company was now barely breaking even in trading.
But the accountant said it had a reasonable prospect of survival given the protection of the court.
Judge Hedigan appointed Mr Neil Hughes, of Hughes Blake and Co, as interim examiner and adjourned the matter until next Monday, August 24.
hnews@herald.ie
- Ray Managh
