Connacht Tribune
Examiner confirmed for seven Galway companies
The Court of Appeal has confirmed the appointment of an examiner to seven companies controlled by Galway-based businessman Gerry Barrett.
Last month the High Court dismissed an application to grant the protection of the courts from their creditors to four firms connected to businesses including the Galway City based five-star G Hotel and the Eye Cinema.
BY AODHAN O’FAOLAIN
The High Court did confirm the appointment of insolvency practioner Mr Neil Hughes as examiner to three other related companies, involved in the operation and ownership of the 4-star Meyrick Hotel, located in Eyre Square in Galway.
Mr Hughes of Baker Tily Hughes Blake was appointed interim examiner to all seven companies, which are part of Mr Barrett’s Edward Capital Group, in August.
His appointment was sought by the companies after Deutsche Bank appointed a receiver over the firms, which employ more than 330 full-time and part-time staff.
Deutsche Bank, which is owed more than €690m by the group, had opposed the examinership claiming it was an abuse of process and an attempt by the companies to renege on a 2016 debt settlement agreement which would have resulted in the sale of the group’s assets to reduce its debt to the bank.
That was denied by the companies, who argued that Deutsche Bank had breached the settlement agreement.
The companies appealed the High Court’s decision not to confirm an examiner to the four companies.
In a cross appeal Deutsche Bank sought to have the decision to confirm Mr Hughes to the other three firms set aside.
On Wednesday morning the three judge appeal court said it was allowing the companies appeal, and was confirming Mr Hughes as examiner to all seven firms.
The court, comprised Ms Justice Mary Finlay Geoghegan, Mr Justice Michael Peart, and Mr Justice Gerard Hogan, also dismissed Deutsche Bank’s cross appeal against the decision to appoint Mr Hughes to the companies connected to the Meyrick Hotel.
In his judgment Mr Justice Hogan said he was satisfied that the companies had demonstrated that they have a reasonable prospect of survival as going concerns.
Both the independent expert and Mr Hughes had expressed confidence in the capacity of the companies to survive should an appropriate scheme of arrangement be put in place, the Judge said.
He said the application for examinership was inconsistent with the obligations imposed on the companies in terms of the debt settlement agreement.
However “this fact cannot in itself” preclude the appointment an examiner, the Judge said.
This is because the examinership system is premised on the assumption that pre-existing commercial contacts will be overridden, varied negated and dishonoured in the wider public interest of rescuing an otherwise potentially viable company, he said.
The Judge added he did not think there had been any lack of candour by the companies when they sought the examiner’s appointment.
The fact Mr Barrett may wish to retain control or some of the assets of his group was not a material consideration in relation to the appointment of an examiner, the judge added.
In her judgment, which concurred with the findings of Mr Justice Hogan, Ms Justice Mary Finlay Geoghegan said the firms petition to have an examiner appointed “was not an abuse of process.”
While the 2016 debt settlement agreement was a relevant matter that could be taken into consideration, the Judge said the court should exercise its discretion in favour of appointing an examiner to all seven companies.
Mr Hughes has up to 100 days to put in place a scheme of arrangement with the firm’s creditors, which if approved by the courts will allow the firms to continue to trade as going concerns.
In a ruling delivered in September the High Court confirmed Mr Hughes as examiner to KH Kitty Hall Holdings Ltd, Ml Meyrick Ltd and Mono Trading Ltd, after being satisfied the companies have a reasonable prospect of survival.
However, Mr Justice Tony O’Connor dismissed the application to allow the firms Edward Leisure Assets Unlimited Company, Niche Hotels Unlimited Company, Style City Limited and Radical Properties Unlimited Company remain in examinership.
Those firm’ assets include the G Hotel, the Eye Cinema, 38 apartments, a retail park, and sites in the Galway area.
Seeking the appointment of an examiner the firm’s directors, Gerry Barrett and Catherine Barrett of Drimbawn House, Chestnut Lane, Lower Dangan, accepted the group is “very significantly indebted” to Deutsche Bank.
They claimed while they could service a certain level of the debt, a large amount of what is owed can never be repaid.
The companies, represented by Michael Cush, Garry McCarthy, and Ross Gorman, Bl, claimed the creditors and the employees would do better in a scheme of arrangement put together by Mr Hughes.
Deutsche Bank which acquired the group’s loan portfolio from NAMA in 2015, said the examinership would not be better than the agreement the parties had reached in regards to the sale of assets, including the proposed sale of the Meyrick to a third party for €16.7m, to reduce the group’s debt.
Significant state investment is required to address ‘shocking’ inequalities that leave cancer patients in the West at greater risk of succumbing to the disease.
A meeting of Regional Health Forum West heard that survival rates for breast, lung and colorectal cancers than the national average, and with the most deprived quintile of the population, the West’s residents faced poorer outcomes from a cancer diagnosis.
For breast cancer patients, the five-year survival rate was 80% in the West versus 85% nationally; for lung cancer patients it was 16.7% in the west against a 19.5% national survival rate; and in the West’s colorectal cancer patients, there was a 62.6% survival rate where the national average was 63.1%.
These startling statistics were provided in answer to a question from Ballinasloe-based Cllr Evelyn Parsons (Ind) who said it was yet another reminder that cancer treatment infrastructure in the West was in dire need of improvement.
“The situation is pretty stark. In the Western Regional Health Forum area, we have the highest incidence of deprivation and the highest health inequalities because of that – we have the highest incidences of cancer nationally because of that,” said Cllr Parsons, who is also a general practitioner.
In details provided by CEO of Saolta Health Care Group, which operates Galway’s hospitals, it was stated that a number of factors were impacting on patient outcomes.
Get the full story in this week’s Connacht Tribune, on sale in shops now, or you can download the digital edition from www.connachttribune.ie. You can also download our Connacht Tribune App from Apple’s App Store or get the Android Version from Google Play.
Galway 3-18
Cork 1-10
NEW setting; new opposition; new challenge. It made no difference to the Galway minor hurlers as they chalked up a remarkable sixth consecutive double digits championship victory at Semple Stadium on Saturday.
The final scoreline in Thurles may have been a little harsh on Cork, but there was no doubting Galway’s overall superiority in setting up only a second-ever All-Ireland showdown against Clare at the same venue on Sunday week.
Having claimed an historic Leinster title the previous weekend, Galway took a while to get going against the Rebels and also endured their first period in a match in which they were heavily outscored, but still the boys in maroon roll on.
Beating a decent Cork outfit by 14 points sums up how formidable Galway are. No team has managed to lay a glove on them so far, and though Clare might ask them questions other challengers haven’t, they are going to have to find significant improvement on their semi-final win over 14-man Kilkenny to pull off a final upset.
Galway just aren’t winning their matches; they are overpowering the teams which have stood in their way. Their level of consistency is admirable for young players starting off on the inter-county journey, while the team’s temperament appears to be bombproof, no matter what is thrown at them.
Having romped through Leinster, Galway should have been a bit rattled by being only level (0-4 each) after 20 minutes and being a little fortunate not to have been behind; or when Cork stormed out of the blocks at the start of the second half by hitting 1-4 to just a solitary point in reply, but there was never any trace of panic in their ranks.
For more, read this week’s Connacht Tribune.
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GARDAÍ and the IFA have issued a joint appeal to all road users to take extra care as the silage season gets under way across the country.
Silage harvesting started in many parts of Galway last week – and over the coming month, the sight of tractors and trailers on rural roads will be getting far more frequent.
Inspector Conor Madden, who is in charge of Galway Roads Policing, told the Farming Tribune that a bit of extra care and common-sense from all road users would go a long way towards preventing serious collisions on roads this summer.
“One thing I would ask farmers and contractors to consider is to try and get more experienced drivers working for them.
“Tractors have got faster and bigger – and they are also towing heavy loads of silage – so care and experience are a great help in terms of accident prevention,” Inspector Madden told the Farming Tribune.
He said that tractor drivers should always be aware of traffic building up behind them and to pull in and let these vehicles pass, where it was safe to do so.
“By the same token, other road users should always exercise extra care; drive that bit slower; and ‘pull in’ that bit more, when meeting tractors and heavy machinery.
“We all want to see everyone enjoying a safe summer on our roads – that extra bit of care, and consideration for other roads users can make a huge difference,” said Conor Madden.
He also advised motorists and tractor drivers to be acutely aware of pedestrians and cyclists on the roads during the summer season when more people would be out walking and cycling on the roads.
The IFA has also joined in on the road safety appeal with Galway IFA Farm Family and Social Affairs Chair Teresa Roche asking all road users to exercise that extra bit of care and caution.
“We are renewing our annual appeal for motorists to be on the look out for tractors, trailers and other agricultural machinery exiting from fields and farmyards,” she said.
For more, read this week’s Connacht Tribune.
Connacht Tribune Digital Edition App
Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.
Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.
Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite HERE.
Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.
Families queue up for school’s offer of free house
West has lower cancer survival rates than rest
Galway minors continue to lay waste to all opponents
Gardaí and IFA issue a joint appeal on summer road safety
Marathon Man plans to call a halt – but not before he hits 160 races
