Dunnes Stores winding up order withdrawn after €21.6 debt paid

Friday 14 December 2012 15.51
The Ferrybank shopping centre was completed in 2009
The Ferrybank shopping centre was completed in 2009

A petition to wind up Dunnes Stores over a €21.6m debt has been withdrawn after the Commercial Court heard that the money was paid in full yesterday.

Brian O'Moore SC for Dunnes Stores said that its earlier reasons for non-payment were genuinely held and no discourtesy to the court was intended.

Mr Justice Peter Kelly said the earlier refusal to settle the judgment could have been viewed as a challenge to the authority of the court even if it was not intended.

Maurice Collins SC for Holtglen Ltd said he was not seeking costs but Mr Justice Kelly said he would have granted them if an order was sought.

The summary judgment, granted last March by Mr Justice Kelly, related to the retail group's alleged failure to settle a debt for building works at a shopping centre in Kilkenny.

Holtglen built a shopping centre in Kilkenny in which Dunnes agreed to be the anchor tenant.

The Ferrybank shopping centre was completed in 2009, but Holtglen later became insolvent and its Bank of Ireland loans were transferred to National Asset Management Ltd, a company of the National Asset Management Agency.