Two petitions seeking to have the construction firm P Elliott and Co Ltd wound up have been withdrawn at the High Court as a result of a receiver being appointed to the company.

Ms Justice Mary Laffoy was told yesterday William Cox Ireland and Oran Precast, both creditors of P Elliott, wished to withdraw their applications to have the Cavan-based firm put into liquidation.

The withdrawals were sought following last week’s announcement of Kieran Wallace’s appointment as receiver to the firm. Noting his appointment, the judge said she was prepared to grant the firms leave to withdraw their petitions.