A Donegal company whose owners asked a Judge to give a chance to get back on a sound financial footing has been placed into Examinership.
The directors of Milford engineering firm Henry McGinley and Sons appeared at Donegal Circuit Court before Judge Keenan Johnston in Donegal Town.
In the first case of its kind in the circuit court, barrister for the company Ms Eithne Reid-O’Doherty said the company, which employs ten people, has a strong chance of survival.
The court heard the company once employed up to 30 people but had been forced to let go a number of people recently.
It was also revealed how the McGinleys had tried their best to pay off their debts in recent years.
An English company has still come after them for cash despite the fact that the company was still trying to pay a remainder of €13,000 from an overall six figure sum it had already paid off.
Judge Johnston referred to the efforts to get back that money describing it as “using a hammer to crack a nut.”
He said the McGinleys had worked hard and he thought they should be given a chance.
“There are green shoots of recovery on the horizon and I would think it is in everyone’s interest that they given the chance to be able to turn the corner,
“They are an employer in an employment blackspot and should be given every opportunity to turn it around,” he said.
He also appointed Sean Carr of Vision Accountancy to the Examinership, agreed the Examinership for 70 days and adjourned the case until October 16 to allow responses from creditors.