Collapse of Bilcon Construction Ltd
Date: 12-07-2005
Source: Irish Independent
A PROVISIONAL liquidator has been appointed to Bilcon Construction, the Galway-based construction company that laid off 160 workers earlier this week. Tom Kavanagh was appointed provisional liquidator to the company in the High Court yesterday. It is believed the company is insolvent, with liabilities of more than ?4.5m and assets with a book value of ?3.75m and a realisable value of ?1.32m. The order was sought by David Kennedy BL, for the company, and was grounded on an affadavit by the principal of the company, Mr William Conway. Mr Kennedy said that the appointment of a liquidator would be helpful as the company has three significant and ongoing contracts which it hoped to complete and for which it was due payment. He added as an example that, in relation to a contract in Midleton in Cork, BilCon was due ?500,000. Mr Kennedy said that the company also had a number of disgruntled creditors. He added that there had been attempts to remove fixtures and fittings from a number of houses it was building in Portumna, Co Galway, owned by Mr Conway. BilCon was also ordered at the High Court to hand over machinery and other materials to IIB Finance. The court heard that the company had fallen into arrears of ?84,577 with the bank after entering into a number of contracts. Mr Justice Paul Gilligan granted a temporary mandatory injunction to IIB Finance, directing Bilcon to deliver to the finance company a number of machines and scaffolding. The matter returns to the court on Monday.
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