A number of trade creditors of house builder Laragan Developments have told the High Court of their anger over the manner they were treated by the company during the examinership process.
Mr Justice Frank Clarke, who has been asked by a court-appointed examiner Paul McCann to approve a scheme of arrangement to ensure the survival of Laragan Developments, heard submissions from trade creditors of the house building company.
The firm, which is part of the Hanly associated group of construction and quarrying companies, has liabilities of €147m. It has assets worth €2.35m. Counsel said that €101m of Laragan's
liability is owed to Alan Hanly of the Hanly group.
Under the terms of the scheme, many of the trade creditors will get 6.4% of what they are owed, and many have expressed their anger over the offer in the proposed scheme.
On what was the second day of the hearing, Danny Lally, speaking on behalf of Mayo Trowel Trades Ltd, told the court that it 'did everything Laragan asked us' but failed to get full payment.
The money that was being offered to trade creditors under the scheme of arrangement was 'a pittance' and 'a joke', he said. He also told the court that he would be prepared to get no money and see the firm go into liquidation and have the company 'properly investigated'.
