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Developer under serious pressure

  • 26-11-2007 1:44pm
    #1
    mastermind2005
    Banned (with Prison Access) Posts: 339 ✭✭


    The High Court has appointed an examiner to a property development company involved in a major shopping centre and residential development in Portlaoise.


    Mr Justice Peter Kelly yesterday appointed Mr Ken Fennell of Kavanagh Fennell Chartered Accountants as examiner to Maryborough Construction Holdings Ltd (MCHL), with registered offices at Birchgrove, Roscrea, Co Tipperary.

    The petition for appointment of Mr Fennell was brought by the company's directors who expressed confidence that, with court protection, they could reschedule the company's liabilities and that all or a substantial part of its business could be saved as a going concern.

    The application was opposed by Anglo-Irish Bank, which has sought repayment of a $23.5m loan to the company, but was supported by other creditors while the Revenue remained neutral on the matter.

    MCHL began trading about August 2003 and its first development is a 44,000 sq metre retail and office development, plus a multi-storey car park and 250 apartments in Portlaoise.

    It says it has encountered difficulties stemming from over-reliance on loan capital to fund the project and failure to sign up key anchor tenants for the shopping centre. Site works have been suspended since June 2007. The company argued it would be more advantageous to its creditors to attempt to continue its business rather than implement a winding up. It also said some interest had been expressed in either buying or investing in the company



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