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Supreme Court overturns Fleming decision

Fat_Fingers · 2010-03-04 16:53:07

Today's unanimous decision by five judges of the court comes on foot of an appeal taken last year by Dutch owned ACC Bank against the High Court's ruling in relation to John J Fleming Construction, JJ Fleming Holdings and Tivway. They collectively have debts of over €1 billion, including €260m owed to Anglo Irish Bank. It…

04-03-2010 4:53pm

#1

Fat_Fingers

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Today's unanimous decision by five judges of the court comes on foot of an appeal taken last year by Dutch owned ACC Bank against the High Court's ruling in relation to John J Fleming Construction, JJ Fleming Holdings and Tivway. They collectively have debts of over €1 billion, including €260m owed to Anglo Irish Bank.

It says that while it is understandable that the companies and the banks would prefer to hold a land bank with the hope of some return over ten years, and unsecured creditors would prefer the hope of some return rather than none, that is not the test to be applied by the court in permitting an examinership.

Good to see at least legal system works.

http://www.rte.ie/business/2010/0304/fleming.html

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