A COMPANY operating The Magpie Inn pub and bistro restaurant in Dalkey, employing 18 people, has secured High Court protection pending the hearing of its application for examinership.
An independent accountant has expressed the opinion that RCGB Ltd, with registered offices at Collimore Road, Dalkey, has a reasonable prospect of survival as a going concern provided certain conditions are met, including acceptance by its creditors of an appropriate survival scheme.
The company says it has a loyal customer base and had turnover of more than €1m in 2013 and 2012 but is insolvent mainly due to cash flow issues and a dispute with its landlord concerning its premises. It also says it is in advanced talks wth a prospective investor.
Its principal creditors include the Revenue Commissioners and the law firm, Byrne Wallace, which represented it in legal proceedings aimed at preventing its landlord repossessing the premises, its counsel Ross Gorman BL said.
The company and the landlord are currently involved in arbitration arising from allegations by both sides of breaches of the lease agreement for the premises.
Mr Gorman yesterday applied for directions concerning notice and advertising of its petition for examinership. Mr Justice Peter Charleton made those directions and returned the petition for hearing on January 30.
The company is under court protection as of now, the judge said.