The High Court has confirmed the appointment of an examiner to a Waterford company that provides sportswear and specialist industrial wear.
Apparel Supply Solutions Ltd employs over 30 people and its clients include the Dublin Fire Service and ESB Networks.
The court heard the enterprise started as a domestic sewing business in 1985 and has grown organically since then.
Jonathan FitzGerald BL, on behalf of the company, which brought the petition for an examiner, told the court it is the only business in Ireland and one of a handful in Europe with the technical skills to manufacture certain industrial and fireproof clothing.
However the company is insolvent with debts to the Revenue Commissioners and Bank of Ireland. It has a tax liability of €435,000.
The company, which manufactures Azzurri sportswear, traded well until 2011 but the court heard a contract with the GAA has not brought about the desired returns and this part of the business will be slimmed down.
Two staff members have been made redundant and new conditions have been arranged with 12 other employees since Jason Sheehy was appointed interim examiner last month.
His appointment has now been approved by High Court President Nicholas Kearns who was informed by Mr. FitzGerald that there has been significant interest expressed in the business from third party investors.
