Sunday 4 December 2016

Cleaning business collapsed with €1m debts just three months ago

Published 10/05/2011 | 05:00

AIB'S massive judgement against DJ Carey and Sarah Newman comes just three months after their contract cleaning business collapsed into liquidation with debts of over €1m.

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It has now emerged that the couple's battle to keep the DJ Carey cleaning brand afloat was being fought while they were already being chased by AIB for the far bigger property loans that were the subject of yesterday's Court hearing.

AIB wrote to Ms Newman on February 10, calling for repayment of arrears of €7,349 on the mortgage account. That was the same week that Mr Carey called a creditors' meeting to tell lenders and suppliers to the contract cleaning businesses that the company would have to be put into liquidation.

On February 18 Noel Murphy was appointed as liquidator to the Kilkenny legend's loss-making business.

By then AIB was seriously concerned about its €9.5m exposure to the couple.

Shutting the cleaning business came after years of losses, and after Mr Carey tried without success to get to the bottom of unauthorised financial dealings at the group.

Investigation

Those payments are reckoned to run to hundreds of thousands of euro and are the subject of a garda investigation.

By the time the business had to be wound up Carey and Newman were its biggest creditors. They were owed €600,000 by the business thanks to loans they made in an unsuccessful effort to help it trade through its difficulties.

Other creditors included the Revenue Commissioners and Ulster Bank.

The business was eventually taken over by rival's Western Hygiene, where Mr Carey now works as a sales manager.

Irish Independent

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