Today at the High Court Mr Justice Michael Peart said that he was satisfied to appoint insolvency practitioner Mr Gary Lennon as examiner to Curra Properties Ltd, which runs Eddie Rockets at the Stillorgan Shopping Centre, in Dublin.
The firm, with more than 20 employees, got into financial problems because it is unable to service an historic debt of €1m owed to Revenue.
That debt, the court heard, was caused by an ex-employee who embezzled substantial funds from Curra.
The Judge heard Mr Lennon was appointed interim examiner last month after the High Court was informed Curra, with a registered address at Stillorgan Shopping Centre, was insolvent and unable to pay its debts.
However, an independent accountant's report suggested the company has a reasonable prospect of survival as a going concern if certain steps are carried out.
Those steps include obtaining court approval for a scheme of arrangement agreed between the company and its creditors, and securing fresh investment in the company.
The Judge also made orders allowing Mr Lennon to take control of and run the business during the examinership, which lasts for a period of up to 100 days.
Ross Gorman Bl for Curra said it was in the best interests of all concerned that an examiner be appointed to the firm.
Curra, which has operated a restaurant since 1994 would cease trading if an examiner was not appointed, counsel added.
There would be a deficit of €2.1m if the firm was wound up, whereas that deficit would be much lower should the business survive as a going concern, counsel added.
Creditors of Curra, including the Revenue Commissioners and Bank of Scotland, were neutral to the appointment of an examiner.
The court also heard the franchisor- Eddie Rockets - supported the application for examinership.
