The future of a Co Cork building company is under thread after the Supreme Court overruled a High Court decision to approve a survival plan for the firm.

The Fleming Group has collective debts of €1bn.

Last year, the High Court appointed an examiner to attempt to devise a plan to secure the future of the beleaguered company. However, the Dutch-owned ACC Bank, which is owed over €21m, challenged the decision in the Supreme Court, arguing that the plan contained no commitment of continuing financial support from its bank creditors and amounted to a "personalised NAMA".

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The Supreme Court has now granted this appeal, effectively withdrawing court protection for the Fleming Group.

The case will now go back to the High Court for a winding up order to be made.

The massive debts accrued by the company - controlled by Cork developer John Fleming - include €260m owed to Anglo Irish Bank.

(NS/BMcC)