The High Court has heard that an examiner appointed to construction firm Tivway now wants to be appointed examiner to its two parent companies.
On July 20, the examiner was appointed to Tivway, a subsidiary of the Cork property development group Fleming, arising from a claim by ACCBank for unpaid loans totalling almost €22m.
The High Court heard today that the examiner had been successful in attracting independent equity investors and working capital, but that in order to proceed, he needed to be appointed to the parent company and holding company of Tivway, John J Fleming Construction Company and JJ Fleming Holdings. The court heard that ACCBank was opposed to the proposition.
ACC lent Tivway €22m for the development of the Sentinel Building in Sandyford in Dublin but today it remains a 14-storey concrete shell. The application is due to be heard before the High Court on September 14.
