and there is even the prospect of new jobs being created – following a Letterkenny Circuit Court decision yesterday to take a local firm out of examinership.
The decision by Judge John O’Hagan to approve the Scheme of Arrrangement means the survival of Henry McGinley & Sons Limited and the saving of 13 jobs.
The decision is a major boost to Milford which only 12 months ago featured in the Financial Times as a village suffering the worst effects of economic downturn.
Henry McGinley is one of the leading engineering suppliers and for structural steel and roofing in Ireland and has recently launched a number of innovative and market leading fire grates and stoves products.
Judge John O’Hagan approved the Scheme of Arrangement, and creditors will now be paid the agreed amounts.
After an emotionally charged day for the McGinley family and the Company employees, Mrs Elizabeth McGinley, Director of the Company, speaking outside the Court, thanked the creditors, the Court Service, Judges and community, both far and wide, for all their messages of support since the Examinership commenced.
Mrs McGinley also thanked the Company’s legal team, Barrister Eithne Reid O Doherty and Solicitor Ms Aine Murray of Lanigan Clarke Solicitors and the Examiners legal team Barrister Ivan Toner and Solicitor Declan McHugh of Terrance Sweeney Solicitors for all their work and efforts since examinership.
The McGinley family also acknowledged the support and loyalty of the staff over the last number of years.
Mrs McGinley paid special thanks to the Examiner, Mr Sean Carr, of Vision Accountancy, Dublin, for the most passionate, driven and hardworking individual the Company could have ever wished for.
Internationally, 25% companies that are faced with difficulty enter an examinership process compared with only 2% in Ireland. Many companies could survive if they consider examinership. Not only is this outcome good for communities throughout the country – the retention of long established businesses and employers – it’s also good for jobs.
The McGinley examinership has only ever been the fifth examinership of a company in Donegal and is one first that has availed of the Circuit Court process through examinership in the country