Businessman Bill Cullen and his wife Jackie Lavin have been left 'devastated' at the reinstatement of a receiver to the Muckross Park Hotel, Killarney, Co. Kerry, following their High Court bid to continue running the hotel which has been in their care for over 20 years.
Mr Justice Charleton said that it was with regret that he would refuse the couple's examinership petition, noting that from everything he could see of the workings of the hotel in the past year that it appeared that the hotel a very good possibility of future survival, with an increase in both sales (up by 60% last year) and room occupancy. ACCBank, however, owed some €9.2 million, had opposed examinership, arguing that there was material non-disclosure of matters concerning land ownership. Following the decision, the the couple said that they now "feel with even more certainty that entrepreneurs have no future in Irish life". A spokesman for the couple released a statement on 12 April saying the couple were now "very worried for their suppliers, customers and staff".
"Unfortunately in this instance a point of law protected the bank and went against them and they feel with even more certainty that entrepreneurs have no future in Irish life," the statement read.
"They fought very hard for the examiner to be retained which they felt would have given greater protection and security to their employees and suppliers," the spokesman added. Receiver Declan Taite intends to continue operating the hotel, which employs 106 people, as a going concern.
