A RECEIVER has been appointed to one of the city’s major property companies, the Fordmount Property Group Ltd, and two of its subsidiaries, which collectively have liabilities totaling €200 million.
Anglo Irish Bank sought the appointment of Billy O’Riordan, a partner with PricewaterhouseCoopers as receiver for the company.
Creditors to the Fordmount Property Group and two of its subsidiaries – Fordmount Developments Ltd and Fordmount Developments (Savoy) Ltd – received notice this week advising them of the move.
Worries emerged last June of the company’s financial difficulties when director Michael Daly resigned from the companies.
Fordmount Property Group and its four subsidiary companies, established a number of prominent developments in the city, including the 13-storey Riverpoint, the Savoy hotel on Henry Street and a number of properties on Bedford Row.
Adrian Frawley of Dermot G O’Donovan Partners solicitors took up the position of director of the Fordmount Property Group this summer, according to documents lodged with the Companies Office.
It is understood the receiver will seek to find tenants for some of Fordmount’s vacant property in an attempt to reduce several of the companies’ liabilities.
