An application to wind up the company will be heard in the High Court on 23 October.

The court was told this morning that the company was operating in an extremely competitive market and had traded at a loss for a number of years.

Its losses for the year ending on 30 April, amounted to €6 million. Cumulative losses for the last five years were more than €19 million.

The High Court was also told that in recent years, a number of attempts had been made to restructure the business.

A director of the company, Michael Vincent Donoghue, gave evidence that the company had prepared a rescue plan following extensive discussions with farmers and unions facilitated by the Labour Relations Commission but that the plan could not be implemented.

Source: RTE