An interim examiner has been appointed to concrete plant Dan Morrissey Limited.
The company can continue trading pending efforts to come up with a survival plan within 100 days.
The quarrying and concrete production plant has been in existence in Carlow since the 1930's.
A court application was made because the directors believe it is possible for the business to continue as a going concern by restructuring the debt and pay it off by continuing to trade.
If the company had been liquidated 131 employees would have lost their jobs.
In 2008, a lotto syndicate operated for the previous seven years by 16 of its employees scooped what was then, and remains, the highest ever jackpot of €18.9m in the National Lotto draw.
Each syndicate member received €1.18m.
Earlier, Carlow County Council members held a meeting to show their support to the workers at Dan Morrissey Ireland Ltd which closed earlier this week.
Many of the 160 workers affected by the closure turned up at the meeting along with family and friends.