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Thread: McInerney builders in examinership

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    Politics.ie Member Fantasia's Avatar
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    Default McInerney builders in examinership

    Just heard on Newstalk that McInerney, one of the largest builders in state, is in examinership. What about their UK operation and will the Home Bond warranty still be valid? Amazing their website make no reference to their plight and that of their customers.
    Irish Property News, Property Market News Ireland | McInerney Homes
    Either way this is a bleak day for the construction industry..

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    RTÉ News: Court hears of McInerney Homes survival chance

    A syndicate of Bank of Ireland, KBC and Anglo Irish, which is owed €114.5m, is 'strongly opposing' the appointment of an examiner.

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    The business plan presented to the court predicts zero growth in house prices for the first two years followed by 2%, 3% and 5% in the following three years.
    The opposing banks have described the company's projections as optimistic.

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    The case before Mr Justice Frank Clarke continues.
    So Anglo et al consider that a five year price increase of 0%,0%,2%,3%,5% for domestic property is optimistic. What rates of increase were predicted when NAMA was cooked up?

    Wonder will the good Clarke J. give us a decent sound-bite this time?

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    Quote Originally Posted by Nipper View Post
    Someone should have done a thread on this!!

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    Politics.ie Member MsAnneThrope's Avatar
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    *bump*

    THE HIGH Court yesterday rejected a rescue plan for housebuilder McInerney because the proposals were unfairly prejudicial to the interests of Belgian-owned bank KBC, one of three lenders to which the group owes €113 million. [...]

    Mr Justice Frank Clarke agreed to revisit the ruling after it emerged €80 million or so of the total which was due to the two Irish lenders was destined to be transferred to the National Asset Management Agency (Nama). [...]

    As a result of the ruling, McInerney now faces the possibility of being placed in receivership, with the potential loss of 109 jobs.

    The judge is due to make final orders relating to the case on Monday. It is understood the company is considering appealing to the Supreme Court.
    Irish Times: High Court rejects rescue plan for McInerney
    We all love animals. Why do we call some 'pets' and others 'dinner'?

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