Top golf course exits Examinership
Published 22/06/2016 | 02:30
AN agreement has been reached allowing one of Ireland's leading golf courses to exit court protection.
Druids Glen Golf Club (DGCC) Ltd, which owns and operates the 18-hole championship course in Co Wicklow, asked the High Court to appoint an Examiner after a fund put in a Receiver who could have sold it off.
The fund, Gulland Property Finance Ltd, claimed it was owed some €4.85m and appointed a Receiver over Newtownmountkennedy course after its demand to be paid was not satisfied.
DGGC went to court and had insolvency practitioner John McStay, of McStay Luby Accountants, appointed interim Examiner to both the Druids Glen and the company which owed the money, Lakeford Ltd.
Gulland had indicated its opposition to the Examinership application.
The matter returned before the court yesterday when Ms Justice Caroline Costello was told that an agreement had been reached with Gulland.
The court heard Druids Glen and Lakeland had secured funding by way of investment from a related company within the Druid group, Candarlii Ltd, along with a €1.8m loan from AIB, which had supported the application for Examinership.
As a result monies had been paid to Gulland, satisfying their debt, counsel for the Druid companies said.
Druids Glen also had funds to pay off all of its preferential and trade creditors. The company was no longer insolvent, and was seeking to withdraw its application for Examinership, counsel said.
Ms Justice Costello agreed to withdraw the petition for Examinership, and welcomed the company's agreement with its creditors.
The course, which employs 36 people, has previously hosted a number of Irish Open Golf tournaments in the 1990s and in 2002 the Seve Trophy - the competition where Ireland and Britain's top professional men's golfers take on Continental Europe's top players.
The adjoining Druids Glen five-star hotel, and a second 18-hole course, the Druids Heath Golf Course, were not part of the Examinership process.