Dunnes Stores to face winding-up petition in court24/11/2012 - 10:32:02
The developer behind the Ferrybank Shopping Centre near Waterford City is seeking to wind-up retail giant Dunnes Stores.
The case, which is listed before the Commercial Court on Monday, concerns Dunnes Stores' failure to pay some €21.6m due over an unpaid debt for building works.
In March this year, the High Court awarded Holtglen Limited just more than €20m from Dunnes Stores for breach of contract over the Ferrybank Shopping Centre, located in south Co Kilkenny.
The contract for Dunnes to be the anchor tenant of the centre was signed in 2007, however by the time the centre was completed in 2009, the market had collapsed and Dunnes were no longer interested in moving in.
Holtglen later became insolvent and its Bank of Ireland loans were transferred to a Nama company.
It is understood that Nama wrote to Dunnes on October 30 warning that, unless it paid the €20.4m judgment plus interest within seven days, Holtglen would proceed to publish a petition to wind-up the retailer.
Holtglen claims there is no justification for Dunnes not paying the sum due.
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