Receiver reinstated to Bill Cullen's hotel
A receiver has been reinstated to the five-star hotel owned by Bill Cullen and Jackie Lavin after the High Court refused to approve the appointment of an examiner.
The former star of 'The Apprentice' earlier apologised to the Court for failing to disclose that he owned part of the land on which the Muckross Park Hotel is built, when lodging the application.
ACC Bank had opposed the examinership application, and describing Bill Cullen's submissions on a disputed lease over lands the hotel is built on as "remarkably vague" and "unsatisfactory".
The businessman apologised for failing to disclose he owned part of the land, his lawyers explaining he had simply forgotten.
They argued customers, particularly wedding couples, would react negatively to the insecurity of receivership.
But Mr Justice Peter Charlton said, with regret, that he couldn't approve the appointment of an exmainer, which would have protected the business for 100 days, because half of the hotel is owned by Bill Cullen personally, and half by his companies.
The Judge said he was satisfied the receiver wishes to continue business as going concern and the "very beautiful" hotel has a good prospect of survival.
In a statement this evening - Bill Cullen and Jackie Lavin said that they are devastated at the loss of their hotel.
They say that they are very worried for their suppliers, customers and staff, who would have been afforded greater protection under Examinership.
And they added that they feel entrepreneurs have no future in Irish life.
