Property firm’s land placed in receivership
A receiver has been appointed to land owned by an Athenry-based property company, which has bank debts in excess of €5 million.
Tom Kavanagh of Deloitte & Touche has been appointed receiver to a specific parcel of land owned by Rinnbreac Properties Ltd, which is based in Cross Street, Athenry.
The move comes on foot of loans from Anglo Irish Bank, which have since been bought by Launceston Property Finance – a company ultimately held by a Luxembourg investment fund.
Rinnbreac is operated by Grainne O’Donnell from Roundstone and Helen Keane from Newcastle in the city.
According to the most up-to-date accounts available (for the year ended September 2014 and submitted in May 2015), the company owed €5.1m in loans and assets valued at less than €250,000, leaving it with a deficit in funds of more than €4.9m.
An auditor’s note with the accounts states that the directors intend to wind the company up after the sale of its assets has been completed.
“The company’s subsidiary, Athenry Taverns Ltd, has entered into a binding contract fot the sale of its investment assets. The company has agreed the sale of its final land bank, with both sales expected to close in May 2015.
“The company bankers, who are owed a total debt of €5.1m at the year end, have agreed to both sales. The directors expect that the company will be wound up within twelve months [from May 2015].”