An interim examiner has been appointed to the Dan Morrissey company in Carlow - meaning that 160 jobs in the county are safe for the time being.
They had been given a deadline of 5pm this afternoon after receivers moved into the company during the week.
There was a special sitting of Carlow County Council this afternoon to discuss the issue.
The family company, established in the 1930's by Dan Morrissey, was at one time one of the biggest suppliers of materials in the building trade.
Carlow/Kilkenny TD Pat Deering has told Beat 102-103 that it's a relief to all those involved with the company that a temporary resolution has been reached.