McInerney put into receivership after 'traumatic' property crash
One of Ireland's oldest homebuilders, McInerney, is to go into receivership after a long legal battle to rescue the group.
In a majority ruling of three to two, the Supreme Court has refused to approve a survival plan for the group, which owes KBC, Anglo Irish Bank and Bank of Ireland €113m.
The case has been described as one of the most hard-fought examinerships in recent times.
Founded in the early 1900s in Co Clare, McInerney is one of Ireland's oldest homebuilders and employs 109 people.
It went into examinership last autumn with massive debts, owing €113m to Anglo Irish Bank, Bank of Ireland and KBC.
The Supreme Court today upheld the High Court's decision that the examiner's proposals to rescue the group would unfairly prejudice the banks, who would see a bigger writedown on the debts than if receivers were appointed.
McInerney is now no longer under court protection. Mr Justice Donal O'Donnell called the case "one further sad illustration of the loss and damage that has been caused by the dramatic expansion and traumatic contraction of the property market in Ireland".
