Owners Of Dublin's Flannery's Given Temporary Order Over Receivership
Published on Sep 27 2013 9:20 AM in Pub/Bar/Nightclub
Camden Street Investments LTD yesterday sought a High Court order preventing Vanguard Property Finance LTD from placing well the known Flannery's pub on Camden Street into receivership.
Mr Justice Sean Ryan heard that Vanguard acquired a €13 million loan advanced to Camden Street Investments by Bank of Scotland to buy Flannery’s and adjoining premises in 2008.
Earlier this week Vanguard claimed CSI had defaulted on the loan agreement, called it in and informed the owners that if the entire amount was not repaid by 5pm today it intended to appoint a receiver over the pub.
The Barrister defending the pub said no "event of default" on the loan agreement had occurred and CSI was prepared to lodge money in court equal to the amount of arrears sought by Vanguard.
He said the temporary order was particularly urgent because of busy forthcoming events such as the All-Ireland Hurling Final replay between Cork and Clare.