Construction company settles debt as two cases are adjourned

A construction company in County Wexford has settled a debt of around E150,000 with the Revenue Comissioners after the Revenue petitioned to wind up the firm.

The Revenue decided to withdraw its petition against Tweedswood Limited as the debt had been fully settled. The case is thought to have related to non-payment under a number of tax heads, including VAT, PRSI and income tax.
In two other cases in the county, the High Court has decided to adjourn petitions against two related Wexford building companies: MJ Power Construction Limited and KMC Architectural Limited.

All firms are thought to have had problems which has caused their directors much concern. At the end of December 2003, MJ Power Construction had shareholders’ funds of E173,664. This marked a year-on-year decline from E211,348. They included a note relating to a “Revenue agreement” of E786,283.

Tweedswood’s accounts in August 2003 show a shareholders’ fund of E87,565. This is up from E68,314 in the previous year. They also include reference to a Revenue agreement. This time it was E95,633.
KMC Architectural Services has shareholders’ funds of E237,731 at the end of March 2003. This figure is up from E143,392. Accounts show that the company had negotiated a settlement with the Revenue.