Blog: Debt payment saves Dunnes from winding-up order
Michelle Russell | 21 December 2012
Irish retailer Dunnes may be breathing a sigh of relief as it enters the Christmas break, assured it will still be trading in the New Year, after a wind-up petition has been withdrawn.
The group was reportedly facing a possible winding up of the company over its alleged failure to honour a EUR21.6m (US$27.9m) bill for building works at a shopping centre in Kilkenny. Dunnes had been issued with the petition by insolvent construction group Holtglen in a case listed before the Commercial Court, The Irish Times reported last month.
The pressure, however, is now off with the petition having been withdrawn following payment in full of the debt.
According to the Irish Times at the weekend, Brian O'Moore SC, for Dunnes, said the court was aware of the reasons why the money was not paid and that those reasons were "genuinely held".
Holtglen had constructed a shopping centre in Kilkenny in which Dunnes agreed to be the anchor tenant. The centre was completed in 2009 but Holtglen later became insolvent and its loans were transferred to National Asset Management, a company of the National Asset Management Agency (NAMA).
It is understood NAMA wrote to Dunnes in October last year warning that unless it was paid the sum within seven days, Holtglen would proceed to publish a petition to wind up the retailer on grounds it is "unable to pay its debts and/or it is just and equitable that it be wound up".
Maggi noodles are yet to return to shelves in India but Nestle has started to pave the way for the brand's comeback with a series of social media ads....
just-food is downing tools for the public holiday in England and Wales on Monday 31 August. We'll be back at our desks on Tuesday 1 September....
Heinz's flagship product has provoked the ire of a competitor in Israel, a story that has attracted headlines in the international mainstream media. But even after making a change to the labels, a bot...
- Challenges for General Mills with The Good Table
- What US companies might Nomad Foods buy?
- Greek crisis - The impact on shopper behaviour
- Why investors are concerned about water risk
- Competition intensifies among UK burger chains
- Mitsubishi buys stake in Olam International
- B&G Foods "front-runner for Green Giant"
- FrieslandCampina H1 earnings up despite flat sales
- Mengniu sales dip but work on costs boosts profits
- Arla strikes JVs in Nigeria and Senegal
- Management briefing: just-food’s industry outlook for 2015
- Food Flavourings & Colourings (UK) - Industry Report
- Biscuit Manufacturers (UK) - Industry Report
- Bakery Market in Japan: Forecast, and Market Analysis 2015-2019
- Probiotic Ingredients Market by Function, Application, End Use, Ingredient, and by Region - Global Trends & Forecast to 2020