O'Malleys in Receivership

grainnereills

Reading the insolvency journal there and see another galway company bites the dust...

Kieran Wallace appointed receiver over O'Malley Construction on 13th February last by Ulster Bank.

No coverage of this in the locals as yet.

Sponge Bob

Caught with a stack of ghost estates in Knocknacarra and in Doughiska , I'm surprised they lasted as long as they did.

Unlike a lot of builders I am sorry to see O Malleys gone, they had some standards. I hope they bounce back in future.

dendof

Didn't they have some sort of once-off sale too last year? Think maybe for Boireann Beag/Leargan.
Must be a lot of units left unsold.

snubbleste

Are there any (solvent) developers left in Galway?

Sponge Bob

dendof wrote: »

Didn't they have some sort of once-off sale too last year?

Yep, Ulster Bank won't hang around either so make that a 2 off sale ...later this year I would think.

There is a whole apartment block in An Leargán alone lying empty for the last 6 years.

emptybladder

It's in today's Tribune that the receiver was only appointed over their Dundrum development with a Dublin company.

They're finishing off the block of 26 apartments in Knocknacarra at the moment, all of which have been sold.

I think threads like this are grossly irresponsible when posters don't have all the facts. A receiver was appointed over a specific asset, not over the company. All they do is cause unnecessary panic and undermine the stability of a company (which admittedly is already under pressure) and could prompt action by creditors.

I hope the 40 subbies or their families working in Knocknacarra don't read the OP.

I have no connection to O'Malleys other than a friend who subbed for them and hasn't a bad word to say.

grainnereills

emptybladder wrote: »

It's in today's Tribune that the receiver was only appointed over their Dundrum development with a Dublin company.

They're finishing off the block of 26 apartments in Knocknacarra at the moment, all of which have been sold.

I think threads like this are grossly irresponsible when posters don't have all the facts. A receiver was appointed over a specific asset, not over the company. All they do is cause unnecessary panic and undermine the stability of a company (which admittedly is already under pressure) and could prompt action by creditors.

I hope the 40 subbies or their families working in Knocknacarra don't read the OP.

I have no connection to O'Malleys other than a friend who subbed for them and hasn't a bad word to say.

No that's incorrect! According to the Insolvency Journal they have been appointed receivers and joint managers over O'Malley Construction.

http://www.insolvencyjournal.ie/ij_news_more_details/appointment-of-joint-receivers-o-malley-construction-company

Appointment of Joint Receivers: O’Malley Construction Company
Feb 19, 2013, 11:36 AM


Kieran Wallace and Mark Etherington of KPMG were appointed Joint Receivers and Managers by Ulster Bank Ireland Limited on 13th February 2013
Solicitor: A&L Goodbody
Registered address: Augustine House, St Augustine Street, Galway
Last accounts filed: 31/07/2006
CRO number: 34570


That is not over a specific asset or anything like that. Not a fixed-asset receivership according to the listing. But the full thing. So no, it is not irresponsible.

biko

This is what happens when sources aren't posted along with OP claims.
Do you have a source for your claim emptybladder?

Links is what we need.

emptybladder

You can't appoint a receiver to an asset you don't have security over.

grainnereills

biko wrote: »

This is what happens when sources aren't posted along with OP claims.
Do you have a source for your claim emptybladder?

Links is what we need.

I've remedied that above...

emptybladder

biko wrote: »

This is what happens when sources aren't posted along with OP claims.
Do you have a source for your claim emptybladder?

Links is what we need.

No link. I can photograph the article in the paper?

biko

If you could yeah. I can't find anything online and there are conflicting arguments now.

grainnereills

biko wrote: »

If you could yeah. I can't find anything online and there are conflicting arguments now.

But that's presuming the journalist is in possession of all the facts.

The journal is accurate on these matters. Joint Receivers and Managers have been appointed to O'Malley Construction Company, registered at Augustine House, Augustine Street. I am aware that the Dundrum property was a fixed-asset receivership separate to the above.

And again, I was baffled as to why nothing has appeared on this before now. Nothing online etc..

Sponge Bob

grainnereills wrote: »

The journal is accurate on these matters. Joint Receivers and Managers have been appointed to O'Malley Construction Company, registered at Augustine House, Augustine Street. I am aware that the Dundrum property was a fixed-asset receivership separate to the above.

Wyckham Point in Dundrum (O Malleys developed some of that but not AFAIK all of it and it is a large site) may be an entrely different receivership on foot of an entirely different loan to a subsidiary..... for all we know. Normally subsidiaries are wound up if a parent is wound up.

I can, however, STATE that ANOTHER developer of Wyckham Point, namely Dorville Homes, was put into receivership on the same day as O'Malley Construction and by the same bank and that Kieran Wallace got that gig as well.

http://www.insolvencyjournal.ie/ij_news_more_details/appointment-of-joint-receivers-and-managers-dorville-homes-%28dublin%29

I had better point out that the Dorville Homes receivership is merely a co incidence.

biko

grainnereills wrote: »

But that's presuming the journalist is in possession of all the facts.

The journalist/newspaper can get sued for stating incorrect facts. I don't want boards to get sued for someone posting incorrect information.

emptybladder

Sorry for the delay, takes ages to upload from phone:

http://img405.imageshack.us/img405/1301/imagezmvf.jpg

grainnereills

biko wrote: »

The journalist/newspaper can get sued for stating incorrect facts. I don't want boards to get sued for someone posting incorrect information.

I doubt you will be. The listings in the insolvency journal are updated daily and make for depressing reading vis-a-vis the state of Irish companies.

Sponge Bob

emptybladder wrote: »

Sorry for the delay, takes ages to upload from phone:

http://img405.imageshack.us/img405/1301/imagezmvf.jpg

Much to my surprise a Kieran Wallace of KPMG was appointed as receiver to the "Dundrum Point Construction" referred to in that article. I'll let ye guess when!

http://www.insolvencyjournal.ie/ij_news_more_details/appointment-of-joint-receivers-and-managers-dundrum-point-construction-limited

grainnereills

Sponge Bob wrote: »

Much to my surprise a Kieran Wallace of KPMG was appointed as receiver to the "Dundrum Point Construction" referred to in that article. I'll let ye guess when!

http://www.insolvencyjournal.ie/ij_news_more_details/appointment-of-joint-receivers-and-managers-dundrum-point-construction-limited

The Bank obviously had to take down the parent company to invoke their interests in these projects.

A Kieran Wallace?

THE Kieran Wallace....probably the most powerful man in the country at the moment...being special liquidator of IBRC etc etc etc etc

biko

Thanks emptybladder. Since Galway isn't affected by this I am closing this thread.
Should Galway become affected thread can be re-opened or new one started.