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Sunday, April 21, 2013

Barna Waste Examiner Confirmed

Per www.globalinsolvency.com:

Mon., April 22, 2013
 
The High Court has confirmed court protection for companies in the Barna Waste group, the largest domestic waste and recycling operator in the west of Ireland, employing 270 people, the Irish Times reported. Mr Justice Brian McGovern yesterday confirmed chartered accountant Neil Hughes as examiner to Bruscar Bhearna Teoranta and its subsidiary, Joe McLoughlin Waste Disposal Ltd. The court also heard it is hoped the companies will be sold in a relatively short period. Mr Justice Brian McGovern said he considered that confirming Mr Hughes as examiner was “the right thing to do”. The judge had earlier expressed some reservations arising from matters raised by Bank of Scotland but made the appointment after being informed the bank, the company’s main creditor, owed €9 million, and the Revenue Commissioners, owed €780,000, were not opposing the application for examinership and the employees were also supporting examinership. The firms are insolvent and unable to service the debt owed to Bank of Scotland but had a €26 million turnover last year, the court heard. Last week, the directors petitioned to appoint Mr Hughes interim examiner in a move to secure fresh investment. The directors feared attempts by Bank of Scotland to sell the group’s assets could result in job losses and creditors not being paid, the court heard.

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