The High Court has heard 30 individuals wearing face coverings allegedly removed assets from a site operated by a construction company that is under examinership.
The group allegedly attended a site operated by Blacklough Construction Limited on November 23rd and removed assets. Although there was security on site, the situation could not be contained due to the number of people involved, the court heard.
This was one of a number of “serious incidents” that have occurred since the court process began, some of which allegedly involves some of the company’s creditors, the examiner’s solicitor, Graham Kenny, told the court.
On December 14th, there was an alleged attempted theft of the firm’s assets that were being transported on a public road. Mr Kenny said the event left a company employee “badly injured”.
There have been other occasions where individuals attending a Blacklough site have allegedly intimidated employees, while a €50,000 asset was allegedly removed from a site, he said.
The court heard the examiner intends to engage with An Garda Síochána about matters that may be criminal in nature.
Joseph Walsh, of JW Accountants, was appointed as examiner to Blacklough last month, when the court heard the firm was insolvent on a cash-flow basis and unable to pay its debts. The court was told the firm had a reasonable prospect of survival if an examiner was appointed and a survival plan put in place.
Blacklough’s counsel told the court the firm got into difficulty primarily due to an unprecedented 33 per cent rise in the cost of building materials since 2020. It sustained losses of about €1.7 million.
The company, with an address at Rathcoole, Dublin, was building more than 360 social housing units across five sites in counties Dublin, Meath, Westmeath and Louth.
In an interim report outlined to the court, Mr Walsh said he accepts the insolvency process can be difficult for all parties, including the company’s employees and creditors.
“However, theft, threats and intimidation are not acceptable in any circumstance,” Mr Walsh added. While some of these instances allegedly involve creditors, Mr Walsh said creditor engagement has been “largely positive”.
There was also an issue relating to the construction of 48 apartments in Carrickmines, which was allegedly built in a direction inconsistent with planning permission.
Hatsone, a firm that has contracted Blacklough for the build, indicated it will be applying for retention permission for the development and has threatened to bring a legal action if Blacklough does not admit liability, said Mr Walsh.
Mr Walsh said Blacklough has contacted its insurers about this. A retention application would not be determined within the lifetime of the examinership, he said, and Blacklough may apply to the court for the repudiation of the construction contract for that development if it is deemed onerous and affects the viability of the company.
Following a newspaper advertisement, 16 parties have expressed an interest in investing in the company, the court heard.
Mr Justice Michael Quinn extended the period of court protection to January 24th, ordering that an updated examiner’s report should be filed before then.
