Another update in this case http://www.independent.ie/breaking-...cts-scheme-to-save-property-firm-1825597.html
The High Court has refused to approve the scheme put together by an examiner to save property company Laragon Developments and it will be put into liquidation.
This means there will be a winding up of the company and its assets, if any, will be redistributed.
Mr Justice Frank Clarke, in handing down his decision, said the way in which depositors and creditors were dealt with by Laragon was unfair.
The court heard that 157 parties are owed money by Laragon in respect of its developments at Kilronan Castle Hotel and holiday homes in Roscommon, Carrickmines Green in Co Dublin and Milner Square in Santry.
Ninety-five homebuyers paid €15,000 or €20,000 in deposits for apartments at either Milner Square or Carrickmines Green and the examiner scheme was offering them 1% of that back due to the company's collapse.
Trade creditors who carried out work on the developments were being offered around 6% of what they were owed and described this as a joke.
The owner of a block-laying company who is owed a significant sum said he would prefer to see the company go into liquidation so it could be investigated.
Today, Mr Justice Frank Clarke said Laragon was not a company the examinership process was designed to protect.
He said its collapse happened in circumstances where the market changed dramatically and he felt the depositors and creditors were not dealt with fairly.
He said that, in all the circumstances, he could not approve the scheme and the company would be put into liquidation, which may mean that depositors and creditors will be left with nothing.
He will officially make the orders tomorrow.
The High Court has refused to approve the scheme put together by an examiner to save property company Laragon Developments and it will be put into liquidation.
This means there will be a winding up of the company and its assets, if any, will be redistributed.
Mr Justice Frank Clarke, in handing down his decision, said the way in which depositors and creditors were dealt with by Laragon was unfair.
The court heard that 157 parties are owed money by Laragon in respect of its developments at Kilronan Castle Hotel and holiday homes in Roscommon, Carrickmines Green in Co Dublin and Milner Square in Santry.
Ninety-five homebuyers paid €15,000 or €20,000 in deposits for apartments at either Milner Square or Carrickmines Green and the examiner scheme was offering them 1% of that back due to the company's collapse.
Trade creditors who carried out work on the developments were being offered around 6% of what they were owed and described this as a joke.
The owner of a block-laying company who is owed a significant sum said he would prefer to see the company go into liquidation so it could be investigated.
Today, Mr Justice Frank Clarke said Laragon was not a company the examinership process was designed to protect.
He said its collapse happened in circumstances where the market changed dramatically and he felt the depositors and creditors were not dealt with fairly.
He said that, in all the circumstances, he could not approve the scheme and the company would be put into liquidation, which may mean that depositors and creditors will be left with nothing.
He will officially make the orders tomorrow.