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ONE OF IRELAND’S top golf courses has gone into examinership.
Druids Glen Golf Club Ltd which owns and operates the Druid’s Glen Golf Course sought the protection of the High Court after a financial company, which acquired a loan a related company had acquired from Anglo Irish Bank some years ago, appointed a receiver over the 18 hole championship course.
The fund, Gulland Property Finance Ltd, says it is owed some €4.85 million by the related company and appointed a receiver over the course on Thursday after its demand to be paid what it says it is due and owing was not satisfied.
As a result Druids Glen on Friday asked the High Court to removed the receiver and have an examiner put in their place.
Druids Glen says despite the court proceedings it will be a case of “business as usual” at the course located at Newtownmountkennedy, Co Wicklow.
The course, which employs 36 people, has previously hosted a number of Irish Open Golf tournaments in the 1990s and in 2002 the Seve Trophy – the competition where Ireland and Britain’s top professional men’s golfers take on Continental Europe’s top players.
This evening, Mr Justice Robert Haughton appointed insolvency practitioner John McStay of McStay Luby Accountants as interim examiner to both Druids Glen Golf Club Ltd and the related company Lakeford Ltd, an Isle of Man registered company which had acquired the loans from Anglo.
The judge said he was satisfied to appoint McStay after reading a report from an Independent expert stating the company have a reasonable prospect of survival as going concerns.
The judge also made a number of orders, including one directing the receiver to stand down. The application, which was made ex-parte, was supported by AIB which is one of the company’s creditors.
Loans
The adjoining Druids Glen Five Star Hotel and a second 18 hole course, the “Druids Heath Golf Course” are not part of the examinership process and are unaffected by the application.
Barrister Patrick Leonard SC for the company said his client was seeking the appointment of an interim examiner because of Gulland’s appointment of a receiver.
When a receiver is appointed the company has three days to seek to have that person removed and have an examiner appointed in their place, counsel said.
The court heard Druids Glen accepts that its related company owes significant money to Gulland, who acquired the loans from IBRC. There had been talks between the party to address the situation, but proposals were rejected by Gulland.
Earlier this week Gulland made a demand for the loans to be repaid, resulting the appointment of a receiver.
Counsel said the appointment of McStay would provide much needed reassurance to the company, its employees and its stakeholders and seek to put in place a scheme of arrangement with the creditors.
His appointment will also provide a platform to address the debt due to Gulland.
The court heard Druids Glen had suffered a significant downturn during the recession. However following restructuring the course and the related resort have stabilised and grown.
The business attracts more than 40,000 visitors to Wicklow. The company has invested more than €3 million in the resort in the last three years, the court also heard.
The judge made the matter returnable before the courts in two weeks time.
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Where did it come from? What did it want???
Actually, I think breaking news got in first.
Some serious proof reading issues here…
Snarls? Really?
Sorry my comment did not violate your suspect comments policy. For the record I pointed to how this can make global news but the stories of planned parenthood harvesting organs from unborn babies gets totally buried and I lamented the state of modern journalism. The journals censorship of my comment only backs up my criticism. Shame on the censors at thejournal.ie.
They’re not harvesting organs and you’re well aware of this. They’re using stem cells from aborted foetuses which has massive potential in the medical field for transplants and grafts etc. Of course it’s all done with the permission of the woman having the abortion, and means that the stem cells can do massive amounts of good for those in need of it rather than simply disposing of the foetus as is done at the moment. Don’t let any of these facts get in the way of your holier than thou ramblings though, you clearly need something else to sink your teeth into now that the same-sex marriage referendum has passed.
This is making me want to watch the minions movie. Haven’t seen it, any body recommend it?
It’s idiotic and stupid…but I loved it!
That one is Norbet, he’s an idiot
The best was RTE’s 9 news last night quoting the local councillor when relating to the h+s ”as despicable”.
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