The High Court will decide today whether to continue providing court protection to McEnaney Construction, a Co Louth building company which has debts of €74.6 million, as it seeks additional investment.
An application to confirm the appointment of an examiner to the construction firm is scheduled to be heard this morning before Ms Justice Mary Finlay Geoghegan.
The company was forced to stop building at its sites in recent months after its banks cut off funding due to poor sales at its developments in Balbriggan, Co Dublin and Carrickmacross, Co Monaghan. According to court papers, Ulster Bank and Irish Nationwide Building Society are each owed €28.6 million by McEnaney Construction.
IIB is owed €4.8 million and Irish Permanent €228,950, bringing to its debts to financial institutions to €62.3 million.
It owes trade creditors €10.9 million, the Revenue Commissioners €715,000 and Fingal County Council €450,000.
The company values its building sites and projects at €67.4 million and has other assets worth €2 million.
It has a deficit of €5.2 million, but will face a potential deficit of €16.3 million if the firm collapses as its sites will be worth less in that scenario.
