Arcon Heating and Plumbing seeks court protection
Published: 06 June, 2012
DUBLIN: The High Court has appointed an interim examiner, chartered accountant Neill Hughes, to Arcon Heating and Plumbing Suppliers.
Justice Kevin Cross appointed Mr Hughes to Arcon (and related company Nearblue), after explaining that an independent accountant’s report predicted a reasonable prospect of survival for both companies if certain steps were taken.
The downturn in the construction and property sector and the recent withdrawal by National Irish Bank from an invoice finance arrangement it had operated with the company since 1999, were cited as the main reasons for the company’s cash-flow problems.
The bank appointed a receiver over Arcon when it became insolvent and unable to pay outstanding debts, the Counsel said, adding that if an agreed scheme of arrangement could be put in place by Hughes, Arcon was confident it could trade profitably in the future.