Monday, May 17, 2010

Ulster Bank seizes large Cork property schemes

From the SBP, a development group that owes €100million to Ulster Bank has a receiver appointed to a number of landmark property schemes.

This sums up the attitude:

"The move by Ulster Bank comes just eight weeks after Bank of Ireland appointed a receiver over the group's €50 million apartment and retail scheme, City Square, in Cork city. The project was held in the name of Conway partnership and comprises 147 apartments and commercial units.

At the time, the company said it was ''shocked and disgusted'' by what it described as an ''unnecessary course of action'' by Bank of Ireland."

As so often happens, a trickle becomes a torrent.

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