Liquidator sought for McCabe Builders … qqqx=1.asp

I wonder if this is another prominent Construction Company that’ll hit the wall soon? Any one have any more info on the current current state of play?

McCabe Builders taken to the High Court
Sunday, October 19, 2008 By Ian Kehoe

One of the country’s largest electrical companies has taken a High Court action to shut down McCabe Builders, a €100 million construction company.

D-Lok Electrical Services has lodged a petition with the High Court to wind up the Dublin firm, claiming that the construction company has refused to pay a significant debt. The petition is being supported by a sister company, D-Lok Mechanical Services.

The matter is due to come before the High Court at the beginning of next month. McCabe Builders will object to the move and is arguing that the work carried out by D-Lok was not completed to the required snagging standard.

D-Lok had previously served McCabe Builders with a 21-day letter demanding payment. When the debt was not settled, the company lodged its petition in the High Court. It is seeking to have a liquidator appointed to McCabe Builders, who would then pay creditors.

The dispute relates to a Dublin City Council housing project, on which D-Lok was one of the main sub-contractors.

McCabe Builders has worked on a number of major developments, including the Heritage Centre in the Phoenix Park, the €12.5 million Ardmore Hotel in Dublin and the Marriott Hotel in Ashbourne, Co Meath.

In 2006, McCabe Builders had revenues of €100.3 million and recorded a pre-tax profit of €3.9 million. The company employed 190 people in 2006.