Siac Construction enters examinership
on 23/10/2013 18:07:38
The High Court has granted temporary protection to Siac Construction Ltd and eight related companies with 250 full-time employees.
Michael McAteer's appointment as interim examiner to Siac Construction was not without contention as two sub-contractors, flagged their opposition to the move.
Graham Sheehan of Sabre Electrical Services asked if the court could honestly trust the very same people he has been dealing with for the last six to eight months and who have promised to pay him.
The court heard some aggrieved sub-contractors have blockaded one of the company's premises.
Siac directors hope the interim examiner will be able to diffuse the situation.
Their lawyers said Siac suffered in the downturn, engaged in road building in Poland but now have very significant liabilities.
The case returns to court next month.