Business World

Friday 24 November 2017

In brief: National Irish fails in €37m court claim


THE High Court has dismissed a claim by National Irish Bank that it is entitled to €37m judgment orders against Durkan New Homes, a couple, and another company over failure to repay loans given for a large housing development at Cabinteely, Co Dublin. Mr Justice Brian McGovern yesterday upheld claims by Durkan and the other defendants that, because they had paid interest by the loans' repayment date of September 2008, the bank's recourse was limited to securities on houses and lands at Beech Park, Cabinteely, Co Dublin. The value of those securities is believed to be substantially less than the €37m sought.

Woodcraft firm to remain in business


FOLLOWING the approval of an examinership scheme for Gleneagles Woodcraft by Judge Mary Finlay-Geoghegan yesterday, the furniture maker is due to remain open for business with all 53 jobs saved. Neil Hughes of accountancy firm Hughes Blake was the court-appointed examiner. The company will continue to trade under new management following investment by a company based in the North.

Nama appoints receiver to Bowen


The National Asset Management Agency has appointed a receiver to Cork-based Bowen Construction. The agency said it had appointed Paul McCann of Grant Thornton as statutory receiver. The appointment comes days after Bowen was put into liquidation, with the loss of nearly 80 jobs.

Greencore closes in on Uniq takeover


GREENCORE'S bid for the UK sandwich maker Uniq moved a step closer to completion yesterday, after it was declared unconditional as to acceptances. Greencore said it had received acceptance for 90.2pc of Uniq's share capital. The deal is expected to close in September.

Apple tops global smartphone sales


Apple has become the world's biggest seller of smartphones, according to industry analysts. The US firm overtook both Nokia and Samsung in the second quarter of the year, when total smartphone sales hit a record 110m. The figures, from Strategy Analytics, also showed 361 million handsets were shipped, up 13pc on the previous year. Nokia remained the biggest seller of all types of handsets, but numbers shipped and its market share fell.

Irish Independent

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