No cash for some of Doonbeg golf club's creditors
Published 06/06/2014 | 02:30
A lawyer representing the liquidator of Doonbeg golf club has told a court that there are no funds available for unsecured creditors in the liquidation.
Ciaran Carroll BL told Ennis Circuit Court that there are no no funds available for unsecured creditors. He is acting for liquidator Tom Kavanagh who was appointed in March by a resolution of creditors a month after receivers sold Doonbeg Golf Club to US billionaire Donald Trump for €15m. Mr Carroll was speaking during a case involving west Clare man, James McNulty and Doonbeg Golf Ltd, in which Mr McNulty is seeking to have terms of settlement in relation to a right of way at the golf course executed.
Mr Trump promised he would be spending three times his initial investment on the resort. But confirmation that there was no money will disappoint investors who purchased properties with rental guarantees ranging in price from €1.2m to €1.8m.