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 €7 million 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 Electronic 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 a number of concerns about the level of pre-petition debts which the company had agreed to pay and sought clarification of several matters.
After hearing evidence in that regard from the company's managing director and submissions from barrister Rossa Fanning, for the company, the judge said he was satisfied to appoint Mr McAteer as examiner.
The judge was told that certain debts had to be paid if the company was to continue in business.
The court was earlier told the company has been in existence for some 18 years and traded profitably before experiencing a downturn in its fortunes in recent years.
It had moved from a situation where it had sustained profits of more than €2 million in 2005 to being now insolvent with a deficit of some € 7.5 million.
A report from an independent accountant has indicated, subject to a number of conditions, that the company has a reasonable prospect of survival. These include developing the three core areas of its manufacturing business and securing further investment.
