A company which runs the financially-troubled €5 million Tipperary Excel heritage centre in Tipperary town has agreed to pay a company involved in the building of the centre "a particular sum of money", the High Court was told yesterday. That payment requires formal board approval.
Ms Justice Finlay Geoghegan yesterday heard submissions on two petitions, one seeking the appointment of an examiner to Tipperary Excel Heritage Co Ltd and another which sought an order winding up the company.
The petition for the appointment of an examiner was brought by South Tipperary County Council, which is guarantor for a bank loan to the heritage company. The winding up petition was brought by Conclan Ltd, trading as Clancy Constructions, which built the centre.
Following an adjournment to allow discussions between the sides, the judge was told the parties had agreed terms under which the heritage company would pay a sum to the building company. But that was subject to formal board approval. The judge adjourned the matter to today to allow the board make its decision.