A DEVELOPMENT company which has been placed in examinership owes levies of more than €750,000 to three local authorities, a creditors’ meeting was told yesterday.
Dún Laoghaire-Rathdown, Roscommon and Leitrim county councils are owed development levies by Laragan Developments Ltd, which was placed in examinership by the High Court in March.
The company has debts totalling €147 million, including unsecured personal credit from Alan Hanly of €64 million and €1.5 million owed to people who put deposits on some of their Dublin developments.
Laragan is part of the Roscommon-based Hanly Group, owned by Alan and Joseph Hanly. The group includes Hanly Brothers Limestone Quarry, Hanly Hotels, WHL road construction, Hanly Homes and Hanly Commercial. Examiner Paul McCann, of Grant Thornton, was appointed by the High Court to produce a proposal to deal with the creditors of Laragan so that it can continue to operate.
Under the examiner’s proposal, the company’s only secure creditor, Anglo Irish Bank, which is owed €2.3 million, has agreed to continue to wait for its full debt.
Preferential creditors will get 30 per cent of what they are owed; these are the Revenue Commissioners and Fingal County Council who are owed €1.8 million and over €20,000 respectively.
Up to 400 unsecured creditors are owed more than €12 million. These consist of large and small businesses with debts of between €750,000 and €350.
They are being offered between 6 per cent and 20 per cent of their debts. It is understood that some of the businesses will close down if they do not receive full payment.
Also included in the unsecured creditors are Roscommon County Council, which is owed almost €500,000 in development levies, Dún Laoghaire Rathdown County Council, which is owed more than €200,000 and Leitrim County Council is owed €44,000.
They have been offered 6.4 per cent under the proposal. AIB and Anglo Irish have agreed to advance €2.95 million provided creditors agree to the proposals.
