No immediate impact on Maynooth hotel

LIQUIDATORS have been appointed to two Maynooth properties, including Glenroyal Hotel, following a request by NAMA.

LIQUIDATORS have been appointed to two Maynooth properties, including Glenroyal Hotel, following a request by NAMA.

On Tuesday 8 November, following a petition of the National Asset Management Agency (NAMA), Declan Taite and Anne O’Dwyer, of RSM Farrell Grant Sparks, were appointed as joint official liquidators to Glenkerrin Properties Limited and Glenroyal Leisure Limited.

Ms O’Dwyer said the appointment will have no immediate impact on customers or the day to day operations of the Glenroyal Hotel & Leisure Club which is currently in statutory receivership.

The joint official liquidators intend to work cooperatively with the joint statutory receivers in dealing with the assets of both companies in liquidation”

It was reported this week in the Irish Times that the owners, Ray and Danny Grehan, consented on Wednesday, 9 November,to summary judgements orders for over E300m being entered against each of them at the Commercial Court in favour of NAMA.

The orders, made by Mr Justice Peter Kelly, are the largest obtained by NAMA to date against individuals and against indiviudals under personal guarantee.

The Grehans, both giving UK addresses, have challenged aspects of the case made by NAMA in recent months. In particular, they had argued that Allied Irish Banks had made large loans on a short term basis to avoid the “due diligence” they would have to take on longer term loans.

In the case of Ray Grehan, the judgment is around E242m for company borrowings and E27m for personal borrowings.

In the case of Danny Grehan it is E43m company and E22 personal borrowings.