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Saturday 21 April 2018

High Court appoints examiner to companies who own well-known pub Flannery's

Flannery's on Camden Street, Dublin
Flannery's on Camden Street, Dublin

THE High Court has confirmed the appointment of an examiner to a group of companies that operate a well known pub in Dublin's Camden Street.

Ms Justice Mary Finlay Geoghegan confirmed Neil Hughes as examiner to companies controlling Flannerys,  which employs 39 people, to enable him to come up with a survival scheme.

An independent accountant's report had found Camden Taverns Ltd and related companies, Camden Street Properties Ltd and Camden Street Investments Ltd,  had a reasonable prospect of survival if certain steps were taken, the court heard.

The  companies' directors petitioned the court for the appointment of an examiner as they (companies) are insolvent and unable to pay their debts as they fall due.

The  companies owe some €11m to Dublin based venture capital fund Vanguard Property Finance Ltd which objected to the appointment of examiner.

The directors, Ian Redmond,  Michael Ormonde and  Colin Dolan blamed the decline in the pub trade for their current difficulties.

Ms Justice Finlay Geoghegan said she was taking into account Vanguard's concerns in appointing the examiner and she had given the directors "some indulgence" in reaching her decision.  She gave liberty to Mr Hughes to come back to court in the event there is not full disclosure on everything from the directors.

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