Devey firm is facing liquidation
Published 04/02/2012 | 05:00
A company at the heart of hotel and nursing home developer Terry Devey's business empire is facing liquidation.
Birchford Investments has called a creditors' meeting for February 13 in Dublin, according to a newspaper notice.
The company has bank debts of €138m, and €10m in other debts according to its most recent set of accounts, which date back to 2009.
Birchford was behind the costly and high-profile Grand Canal Square Hotel in Dublin's docklands that never opened for business, and the nursing homes business Guardian Healthcare.
Banks have already moved to try to secure their position on the debts by appointing receivers over key assets over the last two years.
In March of last year ACC Bank appointed accountant Kieran Wallace of KPMG as receiver of Birchford subsidiary Guardian Healthcare.