Construction examinership

An Interim Examiner has been appointed to Manley Construction Limited by order of the Irish High Court, it has been revealed.

Mr Michael McAteer of Grant Thornton Chartered Accountants has been appointed to the role.

The prime purpose of the Examinership process is to assist companies in financial difficulty and to allow the Examiner formulate a rescue plan for the company.

The High Court placed Manley Construction Ltd under its protection as of November 14th, the date of the presentation of the petition.

The protection period of the Court can extend up to a maximum of 100 days from the presentation of the petition.

During this period no creditor is entitled to institute any proceedings against the Company, nor can a secured creditor seek the appointment of a Receiver.

IF the Examiner considers that the company is capable of surviving he must then formulate what is termed a ‘Scheme of Arrangement’ dealing with the liabilities of the company as at the date of presentation of the petition.

Manley Construction is a well known local company based in Duleek, County Meath.