Courts / Wicklow / Report

Druids Glen Golf Course exits examinership as agreement is reached

Summary

An agreement was reached that allows Druids Glen Golf Club Ltd to exit examinership. The club, which owns and operates the Druid's Glen Golf Course, had sought High Court protection after Gulland Property Finance Ltd appointed a receiver over the course following a claim of €4.85 million owed by Lakeford Ltd. The receiver's appointment led to the appointment of interim examiner Mr John McStay. The High Court heard that Druids Glen and Lakeford secured funding through investment from Candarlii Ltd and a €1.8 million loan from AIB, which satisfied Gulland's debt. The club also agreed to pay the interim examiner's costs and has funds to pay all preferential and trade creditors. Consequently, the court agreed to withdraw the examinership petition, and the club, which employs 36 people, will continue to operate the course and its associated facilities.

Who, what, where, when and why

What: Report matter: Druids Glen Golf Course exits examinership as agreement is reached. Procedural stage: hearing_or_decision

When:

• 2016-06-21 Publication

Places mentioned

Topics

Stage Hearing Or Decision

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Read the original CNI report