Firm's examiner move keeps 15 jobs secure
Creditor demands payment of €100,000
Published 02/10/2012 | 18:35
AN ENNISCORTHY firm has sought the protection of examinership after a creditor demanded immediate payment of €100,000 sum owed.
Management at chevron Training & Development Limited have indicated that the 15 jobs at the firm are safe after the move.
Bellefield based Chevron successfully applied to the High Court last week for the appointment of accountant Neil Hughes as examiner.
The six- figure debt arose after Chevron's dealing with Dundalk firm Link 2 Leads turned sour and the sum was set by an independent examiner.
A brief meeting between the two sides at the City North hotel failed to head off Link 2 Leads insistence that Chevron should be wound up if the money was not paid in full without delay.
The Enniscorthy company turned to the High Court in response to the other side's hostile rejection of an offer to pay the money in instalments.
Chevron is the brainchild of directors Ballymurn resident John Conway and Karl Fitzpatrick from Tagoat.
It has been trading profitably since it was set up in 2005 and is up to date in its payments to the Revenue Commissioners.
The firm says it has 500 students on the books, following courses in subjects such as water meter installation and fitting solar panels.
Chevron was listed recently in the Wexford ' business of the year' nominations and last week's development came out of the blue.
' The action taken by Chevron Training will secure the future of the Enniscorthy-based business and its fifteen full-time employees,' said a spokesman confidently last week.
' The company regrets that it has been forced into this position, however it is very confident that upon exiting the examinership process, the company will be on a firm and positive footing for the future.'
Examiner Neil Hughes of Clonhaston based Hughes Blake will have up to 100 days to sort out an arrangement to be approved by the High Court.
As well as the €100,000 due to Link 2 Leads, Chevron is also faced with a bill for a similar amount in legal costs.
The creditor provided a web-site identifying planning applications that could lead to the awarding of construction contracts.
The web link was described by Chevron executives as not part of their core business.
Chevron Training was recently awarded the contract to deliver a recession inspired course for Wexford Local Development under the title 'Business in Challenging Times'.