The High Court has heard a significant number of jobs may be saved at insolvent trucking company Target Express which ceased trading earlier this week over a Revenue debt.

Another player in the market Masterlink Logistics Ltd is to take over some of the businesses's assets including the name, the goodwill of the company and its customer list.

398 people were laid off when Target Express hit the wall earlier this week.

The company has depots in Ballaghaderreen and Claregalway.

This evening the liquidators came to court having negotiated a deal with another player in the trucking market called Masterlink Logistics.

Masterlink doesn't plan to buy the firm's fixed assets such as its fleet of trucks but it does want to take over as much of Target Express's trade as possible by buying the name and its customer lists.

The court has made an order clearing the way for the liquidators to sign off on the deal tonight.

It was told time is ticking and while Masterlink Logistics is committed to re-employing as many staff as possible it's dependent on how much business it can salvage.