A liquidator has been appointed by the High Court to wind up the Cork-based Fleming Group.
Yesterday the Supreme Court rejected a rescue plan for the construction business, which owes its banks €1bn.
On the application of ACC Bank, which is owed €22m, Mr Justice Brian McGovern made an order appointing chartered accountant Tom Kavanagh as liquidator.
ACC Bank last year appealed a High Court ruling in relation to John J Fleming Construction, JJ Fleming Holdings and Tivway.
They collectively have debts of over €1bn, including €260m owed to Anglo Irish Bank.
Last July, the companies applied for and received High Court protection when ACC moved to recoup its money.
An examiner then devised a scheme of arrangement aimed at securing the future viability of the companies.
That plan, which had the backing of all the company’s creditors, except ACC, was then approved by the High Court last November.
But ACC challenged the decision in the Supreme Court in December, arguing that the plan contained no commitment of continuing financial support from its bank creditors, and amounted to a personalised NAMA.
