The High Court today extended protection to two companies in the Fleming construction group.
Last July the court appointed accountant George Maloney of Baker Tilly Ryan Glennon as examiner to one of the group’s companies, Tivway, after ACC Bank sought the repayment of €21.5 million in loans. The property development business owes €1 billion to its bank creditors.
Today, Mr Justice Daniel O’Keeffe extended the examinership to two other companies, John J Fleming Construction and JJ Fleming Holdings.
The move means all three have the court’s protection from their creditors until October 17th, when the examinership period ends.
Making his ruling this morning, Justice O’Keeffe said that in his opinion, examinership would be a preferable course of action for the companies than winding up.
Examinership allows companies that are unable to pay their debts a period to come up with a rescue plan acceptable to their creditors.
