“No buyer and debts of €30 million” – that was the headline run by The Currency back in 2021 when engineering firm and marine contractor L&M Keating crashed from examinership into liquidation. It was a substantial fall from grace for the firm and wider building group with revenues of €69 million and earnings of €7.7 million in 2018, putting it in the ranks of the top 50 construction companies in the country. But the impact of Covid-19, a stalled corporate restructuring, and a series of loss-making major contracts helped to spell the end of the business, majority-owned by Dublin-based private-equity…

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