Mount Wolseley Hotel and Golf Resort, which owes various banks €60 million, has asked the High Court for protection from its creditors to put a rescue plan in place and save up to 175 jobs.
The High Court was told yesterday that the resort in Tullow, Co Carlow, is worth €5m to €6.5 million. The Morrissey family, which owns the resort, asked Mr Justice David Keane to appoint insolvency practitioner Ian Lawlor as examiner to run and hopefully save the business as a going concern.
The resort includes a 143-room hotel together with holiday homes, a leisure centre, spa and an 18-hole golf course.
'No reasonable prospect'
Bank of Ireland, which is owed about €28 million by the resort's owners, has opposed the application, claiming the examinership process has no reasonable prospect of securing the investment required to succeed. It wants to appoint a receiver to sell the business.
Barrister Rossa Fanning, counsel for the bank, told the court the application was an attempt by the Morrissey family “to sabotage” the bank’s bid to appoint a receiver. The judge is to rule on the application on April 29th and the interim examiner will remain in place until then.
Bernard Dunleavy, counsel for prospective examiner, said Mr Lawlor had received eight expressions of interest from potential investors, none of whom had any connection with the owners.
Mr Lawlor, of JPA Brenson Lawlor Ltd, was appointed interim examiner in early April to the resort company and two related companies, Lismare Enterprises and LIsmare Properties.
