Fears for future of Mr Binman

first_imgAdvertisement Linkedin NewsLocal NewsFears for future of Mr BinmanBy admin – October 13, 2011 1381 WhatsApp Print Facebookcenter_img FEARS surround over 600 direct and indirect jobs at one of the country’s largest waste removal service providers, after examiners moved into its Limerick offices this Wednesday. A hive of administrative activity was reported at the Luddenmore headquarters in recent days, where it is believed an extensive investigation into the future and stability of the company was undertaken. It is alleged that the company experienced financial difficulties in recent months and years.Sign up for the weekly Limerick Post newsletter Sign Up An application submitted this Wednesday morning to the High Court on behalf of Mr Binman, sought court protection for the company. Affidavits have been furnished to the chancery court list and the matter is due to be heard again on October 18. However, in the interim, Mr Billy O’Riordan of Pricewaterhouse Coopers has been appointed as examiner to Mr Binman and its subsidiary companies, Greenport Environmental, Rural Refuse and Recycling and Clearpoint Recycling Ltd. Under the helm of Mr Martin Sheehan Snr since 1994, Mr Binman through the Sheehan family has site locations at Grange in Kilmallock, and Carrick-on-Suir, with accompanying offices in Clonmel, Ennis, Newcastle West and Limerick city. The company is now under the management of Mr. Martin Sheehan Jnr. In recent weeks, a decision was made by Bank of Scotland (Ireland) to withdraw its support and the company directors sought examinership to negotiate and restructure its debts.With a price war rampant throughout the industry, the company was said to be “compromised,” following claims that lending institutions sought to recoup on their lending.But Mr Binman say that they have an investor willing to inject the companies with finance to fund their working capital. Four years ago the company was involved in the purchase of a bio mass site in Foynes, for a reported €17 million.Other purchases made in recent years include a €5 million farm in Kilmallock, adjacent to the Luddenmore site. Mr Binman recently launched a service in the Cork area. Discounted services were also launched in Waterford.It has been suggested that an imminent rescue package could be put in place, while a firesale of the company to competitors is also seen as a possibility, should the proposed business plan fail to secure long-term viability.Financial difficulties and the resistance of the Bank of Scotland Ireland to make finances available to Mr Binman were alluded to during court proceedings brought against the company by local authorities. In 2010, Mr Binman was fined at Limerick District Court over its non compliance with Environment legislation, as it left over 30,000 of its customers without a suitable wheelie bin for the collection of recycling waste. The company stated that it was unable to get credit from the bank to carry out the necessary upgrade and roll-out of the bins to its customers, further stating that despite this it would still endeavour to complete its regulatory obligations.Company financial data was also withheld from the public domain during a recent court case, being deemed to be “sensitive information”. The company was convicted of breaches of the health and safety and fined €40,000 over an incident where an employee lost his life in an onsite accident in 2008. Recently, Mr Binman tried to overcome financial difficulties without the support of the UK bank and endeavoured to test trial a pilot initiative for the collection of rubbish bins before 8am in the city centre.The initiative began in mid-September and was to run for a month and if successful, plans were to be furnished to run the scheme throughout the city centre. The company believes that it has a viable business plan despite the financial turmoil it faces. Previous articleHuman remains found in John’s SquareNext articleGuitar and saxophone sing from the States admin Twitter Emaillast_img read more

Dalong Recants Statement on Non-payment of  Super Falcons’ Allowances

first_img Dalung made the clarification on Friday  when President Muhammadu Buhari received the organisers of the National Planning and Implementation Committee of the first National Youth Open Water Swimming Competition tagged Youth Unity Cup 2016 led by Senator Kabir Gaya at the presidential Villa, Abuja. He said that government would pay.Dalong came under criticisms on account of the statement.He said: “Meanwhile, I conclude by trying to put into proper perspective an impression that has made national headlines to the effect that the Federal Government was not anticipating the victory of the Falcons and so could not have planned for it. This statement was attributed to myself. I want to categorically state that this is a statement taken out of context. And I cannot imagine or reconcile how.“The commitment of the federal government to the support of the Falcons is indeed overwhelming. That explains why the Vice President himself had to abandon his tight schedule to visit the players in camp, that is evidence of preparations for victory. “The federal government was prepared because it has records of the antecedents of the performance of the players. The challenges we have today which has to do with their welfare is being given attention. We are working around the clock to see how to raise fund to address the issue of their bonuses”Last Thursday, while answering questions from journalists on why the AWCON champions were being owed, Dalung said “One thing I always make clear is that the process of request for funds for sporting projects must come earlier to meet the objectives.“Don’t forget that nobody even knew the team will emerge victorious but we were confident they will emerge victorious. All the federation would have done is to plan for process of participation and entitlement and when they win it is already established in sports tradition, when you win this is what you are entitled to.” Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram By Tobi Soniyi in Abuja Minister of Sports and Youth Development, Solomon Dalong yesterday in Abuja said he was quoted out of context when he reportedly said  that the federal government never anticipated the victory of the Super Falcons in the just concluded African Woman Cup of Nations and so did not prepare to pay them.last_img read more