AN IRISH CONSTRUCTION company has applied for an examiner due to increasing uncertainty over payment for works in Ireland.
The company, SIAC Construction Limited (SCL), requested the appointment of an interim examiner to its business today in the High Court.
The decision, it said, was due to difficulties it faced “following exposure on a large road project in Poland” as well as “increasing uncertainty over the payment for works done on projects in Ireland”.
SIAC said that the decision is to effectively manage these difficulties and secure the long-term future of the firm.
SCL said it is confident that the company has a viable future post-restructuring based on a number of factors.
These include the fact that SCL has a core business with a long history in Ireland, which is capable of operating as a going-concern subject under a restructuring plan.
SCL has closed non-performing operations and since it experienced difficulties in Poland, the group has sold certain assets and made €17million available to SCL and related trading entities to support their businesses.
It is also pursuing significant contract and other claims in Poland and defending its position, and it has bank support.
SCL said it is “proactively working to do all it can to successfully navigate through this process and emerge a stronger entity”.
Its recovery plan is focused on “protecting jobs, delivering current contracts, and growing for the future”, it said, and it believes that its business is sustainable.
SCL is working with its partners to ensure it maintains current levels of activity and minimise the impact of any writedowns on its partners, staff and wider business.
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