Courts / Wicklow / Report

Nursing home company which received millions from Chinese investors formally wound up

Date
2024-04-15

Stage
Hearing Or Decision

Primary locality
Ashford

County
Wicklow

Summary

The High Court formally wound up Clonmannon House Retirement Village Limited, a Dublin-registered company that received millions from Chinese investors to develop a Co Wicklow care facility. Mr Justice Brian Cregan confirmed the appointment of insolvency practitioner Declan De Lacy as liquidator, following a provisional appointment after the court held the firm insolvent. The order was sought by Beijing-based Ms Yi Yuan, who claims to have lent €1m under the Immigrant Investor Programme. Counsel for the liquidator noted that the company's sole director, Ms Candance La Fleur, agreed to cooperate, and that the company intended to complete the purchase of Clonmannon House by month-end, with €1.9m already paid. The judge directed Ms La Fleur to provide a statement of affairs, and the matter was adjourned to return before the court later this month. Separately, proceedings brought last January by Clontarf-based Ms Li Sun, who invested in 2019, secured a temporary freezing order to prevent the disposal of assets. Ms Sun fears she will not recover €1.3m she says she is entitled to. All claims of wrongdoing in those proceedings have been denied by the company, and that action also returns before the court later this month.