Saturday 24 June 2017

Cork developer O'Flynn succeeds in removing examiner from construction firms

Peter Flanagan

Peter Flanagan

Cork developer Michael O'Flynn has succeeded in removing an interim examiner from a number of companies tied to his O'Flynn construction group.

Blackstone subsidiary Carbon Finance had bought €1.8bn in loans tied to O'Flynn construction last May and in July moved to have an interim examiner appointed to a number of O'Flynn companies ahead of a receiver taking over the businesses.

However, In a High Court ruling today, Ms Justice Mary Irvine said Carbon Finance had not fully disclosed all the relevant information when it sought the appointment of the examiner and had not acted with utmost good faith.

The case will now go to a full trial in October.

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