LIQUIDATORS APPOINTED TO SUTTON'S COURT DEVELOPERS
The High Court has appointed liquidators to seize assets belonging to Ridge Developments Ltd, the company behind the Sutton’s Court complex in Mitchelstown, which has recently been taken over for social housing by Cork County Council and is the proposed site for the new Mitchelstown Library, writes Brian Moore. The company was incorporated in 1993 and had a turnover of €75 million in 2007.
In December 2009 it had estimated liabilities of €14,886,413 and assets with a net book value of €10,859,964, leaving a shortfall of some €3,853,343.
At the High Court sitting a solicitor for Ridge said that a creditors meeting was set for Wednesday next, July 7.
The company requested a provisional liquidator as certain creditors had gone to its sites and removed assets such as scaffolding, mini-diggers, hand tools, small plant, machinery and timber.
“There is also a real risk certain creditors would seek to enter vacant units at Mitchelstown and remove fixtures and fittings or damage the units,” the company’s solicitor said.
The court was told that managing director, Claire Keelan and a machine driver had been subjected to intimidation by creditors on Friday and could not allow staff or directors to return to the offices due to fear of abuse and threats.
Thursday 1st July 6:18pm