A Kerry construction company has entered into examinership.
Denis Moriarty Civil Engineering Contractors Ltd, based in The Kerries, Tralee, has been granted the protection of the High Court through the examinership process.
Examinership is a legal process to help companies whose survival is at risk.
132 people work for the company which was established in 1970.
On Monday last, Denis Moriarty The Kerries Ltd sought the protection of the High Court through the examinership process and this was granted.
This affords companies breathing space of up to 100 days, with the business continuing to trade as normal during the process.
The High Court grants examinership to companies which it believes have a reasonable prospect of survival.
Company directors John and Denis Moriarty and General Manager Colin Scott say the purpose of the process is to ensure the long-term survival of the business and the retention of as many of its employees as possible.
The statement by the three men says they regret that the company has had to seek court protection, and the decision was not taken lightly.
Their statement says Denis Moriarty The Kerries Ltd will continue to operate as normal during the process.
Any debt incurred from Monday onwards will be honoured in accordance with the normal terms of business.
However, any payment due as of last Monday, January 15th is currently on hold until the period of examinership concludes.