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Galway Bay FM News Archives

Troubled construction firm’s directors form new company

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Date Published: 30-May-2011

BY ENDA CUNNINGHAM

Four former directors of Cordil Construction – which collapsed into receivership last week with debts of well over €30 million – are ‘going forward backwards’, after forming a new company called Lidroc Construction.

Lidroc was formed in mid-February and its four directors are Gerry Dillon, Padraig Higgins, Morgan Darcy and Tom O’Callaghan – all former directors of Cordil.

Meanwhile, the Receiver Manager’s staff began the lengthy process of trawling through Cordil accounts yesterday (Monday) morning and have already found that a series of contracts are tied up in arbitration.

Michael McAteer of insolvency specialists Grant Thornton was appointed as Receiver Manager over Cordil last Thursday night.

He is now also assessing the viability of ‘finishing out’ existing contracts, including the new arthouse cinema on Lower Merchant’s Road, the extension to the ‘Jes’ school and the new clubhouse for Hibernians Football Club.

All four directors of the new Lidroc entity (Cordil spelt backwards) were directors in Cordil, which was formed more than a decade ago by joint owners Gerry Dillon and Pat Corrigan.

According to documents filed with the Companies Registration Office on May 16, Tom O’Callaghan resigned as a director of Cordil, a change which was listed as having taken effect from last January.

On May 12, our sister newspaper, the Connacht Tribune revealed that Cordil had closed down its 15 sites around the country, with the loss of 51 direct jobs and more than 400 subcontractors’ jobs.

The company blamed restrictive clauses in Government contracts, and claimed to be owed around €4m by the HSE and the Department of Education for completed work and work in progress.

Attempts by the directors over the following fortnight to secure a temporary overdraft facility from bankers failed, and last Thursday, Mr McAteer was appointed Receiver Manager over the entire assets of Cordil by ACC Bank, which had a charge over all of the company’s fixed and floating assets.

Meanwhile, it has emerged that Cordil had suffered further cashflow problems because of a series of unpaid contracts which are tied up in arbitration and conciliation processes.

Read more in today’s Connacht Sentinel

Galway Bay FM News Archives

Galway has country’s largest population of young people

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Date Published: 07-May-2013

Galway has a population of young people which is more than twice the national average.

According to information gathered by the Central Statistics Office, Galway’s population of 20 to 24 year olds is more than twice the national average.

The number of 25-34 year olds in Galway is also more than the norm nationally, with the two main colleges thought to be the main reason.

However immigration in Galway is much higher than in other areas at 19.4 percent, compared to the national average of 12 percent.

 

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Galway Bay FM News Archives

Call for direct donations to city charity shops

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Date Published: 07-May-2013

A city councillor is encouraging people to donate goods directly to charity shops.

It follows allegations of thefts from clothes banks in Galway and across the country in recent months.

However, cameras are in place at some clothes banks and surveillance is carried out by local authorities.

Speaking on Galway Talks, Councillor Neil McNeilis said the problem of theft from clothes banks is widespread.

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Galway Bay FM News Archives

Galway ‘Park and Ride’ could become permanent

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Date Published: 07-May-2013

A park ‘n’ ride scheme from Carnmore into Galway city could become a permanent service if there is public demand.

That’s according to the Chief Executive of Galway Chamber of Commerce, Michael Coyle.

The pilot scheme will begin at 7.20 next Monday morning, May 13th.

Motorists will be able to park cars at the airport carpark in Carnmore and avail of a bus transfer to Forster Street in the city.

Buses will depart every 20 minutes at peak times and every 30 minutes at offpeak times throughout the day, at a cost of 2 euro per journey.

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