Search Results for 'Receivership'

On Wednesday afternoon The High Court appointed Simon Coyle of Mazars as the interim examiner to Staunton Sports (trading as Elverys). Elverys has its headquarters in Castlebar and has 55 stores across Ireland and employs 650 people. The appointment of the interim receiver came on foot of a petition by NAMA. There had been much speculation on the future of the company after news broke late last week of plans for the company to be placed into receivership, before being acquired by the company’s management with the backing of investors in a pre-pack receivership.

At Castlebar District Court this week it was heard that a section of land which is adjacent to the Royal Theatre, which is used by patrons to access the hotel, is in fact in private ownership and was never owned by Diorama Ltd—the director of which is Pat Jennings—which have been taken over by receivers. It was found that this piece of land is not therefore in control of the receivers.

A challenge brought against the validity of the receivers appointed to the TF Hotel and Theatre and Harlequin Hotel in Castlebar has been dismissed in the Commercial Court.

Licensing applications before Castlebar District Court in relation to the TF Royal Hotel and Theatre, which went into receivership in May, were adjourned by Judge Mary Devins pending a High Court Commercial Court decision.

Kieran Wallace of KPMG has been appointed as the receiver by Ulster Bank to two assets of Galway-based Earls Holdings Ltd: The Radisson Blu Hotel Athlone, and East Nightclub in Ballinasloe.

Fianna Fáil Spokesperson on Small Business John McGuinness has said the hundreds of small firms which supply goods to Superquinn supermarkets must be protected.

There was a collective sigh of relief from staff at Superquinn in the Market Cross shopping centre this week, following news that the company had gone into receivership and that Musgraves is confirmed to take over the company.

The Lynch Hotel Group, which owns seven hotels, have been appointed receivers to two of its hotels — with Breaffy House Hotel, Castlebar being one of them.

Q. I read your answer on liquidation and insolvency last week with interest. However, I have a different set of circumstances. I have a trading company with the trading premises held within the company and financed by a large bank loan. The lending bank has a fixed charge over the property and a floating charge over the other assets. I am not going to be able to keep the repayments going on the loan much longer. I have only been able to do so by increasing the period during which I can pay my creditors and I can’t do this much longer as the creditors have me under huge pressure. I have been told that the bank might appoint a receiver but your answer last week did not refer to this. What is a receiver and how is a receiver different from a liquidator?

Q.I own a small manufacturing company which is in trading difficulties. My creditors are mounting as my cashflow comes under pressure. The company premises which cost €750,000 were financed through a bank loan and meeting the payments on this has proved increasingly difficult. I have been reading in the papers about examinership and it appears that the examinership process might be a way of protecting the company against my creditors and preserving the trade and the related jobs. Is this possible?