The President of the High Court has confirmed the appointment of an examiner to an industrial and specialist fire-resistant clothing and sportswear manufacturing firm.
The clients of Waterford based Apparel Supply Solutions Ltd, which began as a home sewing enterprise set up in 1985, include the Dublin Fire Service, the Dublin Airport Authority and ESB Networks. It also manufactures Azzurri sportswear.
At the High Court today, Mr Justice Nicholas Kearns said he was satisfied to confirm the appointment of insolvency practitioner Jason Sheehy as examiner to the company.
The Judge he was satisfied the firm has a reasonable prospect of survival if certain steps are agreed.
Last month the High Court, after being informed the company was insolvent and unable to pay its debts as they fell due, appointed Mr Sheehy examiner on an interim basis.
Mr Sheehy has up to 100 days to come up with a scheme of arrangement with the company’s creditors, which if accepted, would allow the company to continue to trade as a going concern.
The company, a significant long term employer in Waterford, trades under the registered trademark and registered business names Azzurri Sport and Waterford Uniforms from its base at Kilcohan.
For many years it had been a successful enterprise. However, its current difficulties were caused by the limited success it had in attempting to penetrate the GAA sportswear market.
The company had accumulated bank debt with Bank of Ireland for some €1.1 million. It had accumulated trade creditors for about €658,000, including €250,000 owed to directors, and a current tax liability of €425,073 to the Revenue.
Jonathan Fitzgerald BL for the company, which had employed 35 people, said the examiner had agreed redundancy terms with two of the company's employees. Others had accepted reduced terms and conditions.
There was also expressions of interest from potential investors, counsel said. The court also heard Revenue were taking a neutral position in regards to the appointment of an examiner.