Courts / Cork / Report
Cork building firm that owes NAMA more than €70 million to be wound up
Summary
The High Court appointed provisional liquidators for O'Brien and O'Flynn Ltd Building Contractors, a Cork‑based firm owing the National Assets Management Agency (NAMA) €71.2 million. The company's directors, brothers Dan and Denis O'Flynn, were heard to have assets worth less than half the debt. NAMA had taken over loans from the Bank of Ireland and AIB in 2010 and 2008, and had been providing financial support until recently. Counsel for NAMA, Robert Fitzpatrick, argued that the firm was insolvent on both balance sheet and cash‑flow bases and that urgent liquidation was needed to prevent asset dissipation. The court, satisfied with the urgency, appointed John McStay and Tom Rogers of McStay Looby as joint provisional liquidators, with the matter adjourned to a next‑month hearing.
Who, what, where, when and why
What: Report matter: Cork building firm that owes NAMA more than €70 million to be wound up. Procedural stage: hearing_or_decision
When:
- 2010 and 2008 Other
- 2014-07-30 Publication
Why: " Counsel also told the court that there was some urgency in the application because NALM had concerns that assets maybe dissipated unless liquidators were appointed Counsel said that company was insolvent on both a balance sheet and on a cash flow basis. CNI source report
Places mentioned
- Aodhan O'Faolain The High Court
- Doughcloyne House
- Vicars Road
Topics
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