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One of the country's top golf courses, Druids Glen, has gone into examinership

Druids Glen says despite the court proceedings it will be a case of “business as usual” at the course.

ONE OF IRELAND’S top golf courses has gone into examinership.

Druids Glen Golf Club Ltd which owns and operates the Druid’s Glen Golf Course sought the protection of the High Court after a financial company, which acquired a loan a related company had acquired from Anglo Irish Bank some years ago, appointed a receiver over the 18 hole championship course.

The fund, Gulland Property Finance Ltd, says it is owed some €4.85 million by the related company and appointed a receiver over the course on Thursday after its demand to be paid what it says it is due and owing was not satisfied.

As a result Druids Glen on Friday asked the High Court to removed the receiver and have an examiner put in their place.

Druids Glen says despite the court proceedings it will be a case of “business as usual” at the course located at Newtownmountkennedy, Co Wicklow.

The course, which employs 36 people, has previously hosted a number of Irish Open Golf tournaments in the 1990s and in 2002 the Seve Trophy – the competition where Ireland and Britain’s top professional men’s golfers take on Continental Europe’s top players.

This evening, Mr Justice Robert Haughton appointed insolvency practitioner John McStay of McStay Luby Accountants as interim examiner to both Druids Glen Golf Club Ltd and the related company Lakeford Ltd, an Isle of Man registered company which had acquired the loans from Anglo.

The judge said he was satisfied to appoint McStay after reading a report from an Independent expert stating the company have a reasonable prospect of survival as going concerns.

The judge also made a number of orders, including one directing the receiver to stand down. The application, which was made ex-parte, was supported by AIB which is one of the company’s creditors.

Loans

The adjoining Druids Glen Five Star Hotel and a second 18 hole course, the “Druids Heath Golf Course” are not part of the examinership process and are unaffected by the application.

Barrister Patrick Leonard SC for the company said his client was seeking the appointment of an interim examiner because of Gulland’s appointment of a receiver.

When a receiver is appointed the company has three days to seek to have that person removed and have an examiner appointed in their place, counsel said.

The court heard Druids Glen accepts that its related company owes significant money to Gulland, who acquired the loans from IBRC. There had been talks between the party to address the situation, but proposals were rejected by Gulland.

Earlier this week Gulland made a demand for the loans to be repaid, resulting the appointment of a receiver.

Counsel said the appointment of McStay would provide much needed reassurance to the company, its employees and its stakeholders and seek to put in place a scheme of arrangement with the creditors.

His appointment will also provide a platform to address the debt due to Gulland.

The court heard Druids Glen had suffered a significant downturn during the recession. However following restructuring the course and the related resort have stabilised and grown.

The business attracts more than 40,000 visitors to Wicklow. The company has invested more than €3 million in the resort in the last three years, the court also heard.

The judge made the matter returnable before the courts in two weeks time.

Read: Housing crisis is “inhumane” says concerned Moyross priest

Read: Issues around €8.2 million Sligo lotto payout are resolved

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24 Comments
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    Mute The Snowball Effect
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    Jan 2nd 2015, 11:29 AM

    Whats worse is there is Eastern European gangs whose sole reason for living in this country is to rob left right and center, if we give a description we are called racist

    Unbelievable

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    Mute Peter Derbyshire
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    Jan 2nd 2015, 9:44 AM

    How does one access the approved local community contact?

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    Mute Tom Red
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    Jan 2nd 2015, 9:51 AM

    This would be very handy ,
    only some P***k nicked my mobile phone. …

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    Mute Tom Fennelly
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    Jan 2nd 2015, 9:47 AM

    And if the Gardai do eventually come out to your home and find you are having your lock repaired by someone or a decent neighbour who are not members of the Private Security Authority you get fined €3,000 and your neighbour €10,000. Cut the quangos and jail the criminals instead.

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    Mute youknowimright
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    Jan 2nd 2015, 9:49 AM

    Fined by who? What?

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    Mute Tom Fennelly
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    Jan 2nd 2015, 10:48 AM

    Private Security Authority. It’s the law. You cannot have a window lock, door lock, or CCTV fitted by anyone unless they are members of the PSA. You end up with a criminal record as happened in a Navan restaurant before Christmas. If your parents are living down the country and you send them a Plug & Play CCTV recorder and four cameras they can’t plug it in. That is the law/ Go to the PSA website and see it and maybe encourage some of the red thumbers who dont realize it to have a look as well.

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    Mute David Conroy
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    Jan 2nd 2015, 10:54 AM

    Thankfully we do not live in a country that enforces it’s laws. Stick up your own CCTV system, it’ll be grand !!

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    Mute Bob Goodbear
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    Jan 2nd 2015, 11:55 AM

    I must look it up. I had heard that about alarms alright but not locks etc. On what grounds are you breaking a law? I could just about understand an insurer trying to use it as an escape route to not paying out if you had a break in. I can understand if it was a strong recommendation but breaking the law, how?
    Off now to do some reading up.

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    Mute Tony Tee
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    Jan 2nd 2015, 12:31 PM

    Thats rubbish Tom…..you are not allowed supply safes, locks, CCTV etc commercially without being licensed. The guy prosecuted was trading without the necessary license. There is nothing to stop a individual installing their own CCTV or changing their own locks.

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    Mute Reg
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    Jan 2nd 2015, 10:07 AM

    On a related note, I was looking for a map that shows which Garda stations are responsible for particular areas in Dublin. Anyone know of one? You’d think that something like this would be easily available but it doesn’t seem to be.

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    Mute Lára de Siúin
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    Jan 2nd 2015, 11:38 AM

    Ring any Dublin station and ask who covers whatever area you’re looking to know about… Surely you’d have a rough idea who covers where?!

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    Mute Greg O'Dubhuidhe
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    Jan 2nd 2015, 12:07 PM

    The Garda site used to have it until the update. Perhaps they thought it might aid criminals? There is a Google maps option on the site that will give an indication of your nearest one.

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    Mute Eoin Cowan
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    Jan 2nd 2015, 9:49 AM

    My phone will be hopping so, I live in town!!!!

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    Mute www90
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    Jan 2nd 2015, 3:43 PM

    Im staying in Wexford for the weekend wat a joke

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