Examiner appointed at debt-hit computer firm
Tuesday November 06 2007
The High Court has appointed an examiner to iQon Technologies Ltd, a Co Louth-based company which manufactures and deals in computers and computer parts and employs 108 people.
The company has registered offices in Dundalk, Co Louth, and liabilities of more than €7m but is considered to have a reasonable prospect of survival provided certain conditions are met.
On the petition of the company's directors, Mr Justice Peter Kelly yesterday appointed Michael McAteer, of Foster McAteer, as examiner to the company, which has offices at Finnabair Industrial Estate, Dundalk.
Counsel for Philips Consumer Electronics and Microsoft had earlier told the court they were, at this stage, supporting the petition for examinership.
Counsel for the Revenue Commissioners, while not opposing the petition, expressed concerns about the level of pre-petition debts which the company had agreed to pay and sought clarification of several matters.
After hearing evidence from the company's managing director and submissions from Mr Rossa Fanning BL, for the company, the judge said he was satisfied to appoint Mr McAteer as examiner.
The judge was told certain debts had to be paid if the company was to continue. It had been operating for 18 years and had experienced a downturn in its fortunes in recent years.
