Stoneview development firm secures court protection
THE company behind Blarney's €650m Stoneview development has secured temporary court protection and is preparing to make a full application for examinership in the coming weeks.
The move comes after the site's former owners, Timothy and Donal Quill, launched an attempt to have the development company wound up late last week.
The duo claim the development firm, Coleman Brothers Developments, have yet to make full payment for the land, which is earmarked for 1,500 homes, a retail centre, a school, a public park, sports facilities and a new rail station.
Coleman Brothers' solicitors, Cork-based firm FitzGerald, last night confirmed that the Quill's wind-up petition has been effectively stopped in its tracks after Coleman's began an application for examinership protection.
The developers are asking for court protection for Coleman Brothers, Blarney Stoneview Golfing and Kivazza.
The court has already granted temporary protection until the examinership application is heard in full.
If Coleman manages to gain examinership status for the three companies, they will then have a period of up to 100 days to do deals with creditors and bring in new investment.
A source close to the company said its banks were "supportive" of the application.
"This is a viable company on a long-term basis, so there's every reason to believe we'll succeed in getting into examinership," he added.
Once in examinership, the source said he was "very confident" that Coleman's would ultimately survive, since the company is well-established "with very good sites and very good management". The Quills already have a charge over the entire share capital of Blarney Stoneview Golfing, which holds the site for the planned development.
Coleman's is due to carry out the Stoneview development with Cork builders JJ Flemming, which recently emerged from the examinership process after resolving its €1.1bn debt pile, though ACC Bank is appealing the examinership terms to the Supreme Court.