Citywest creditor in legal property battle | The Post

Citywest creditor in legal property battle
09 January 2011 By Gavin Daly

One of the largest creditors of Jim Mansfield’s Citywest complex, which went into liquidation last Friday, is already facing a multimillion-euro judgment over property dealings with one of Mansfield’s sons.

Kildare-based Lara Electrical is owed €4.1 million by HSS, the company behind Citywest, making it one of the biggest unsecured creditors of the firm.

The company is owned by electrician Brian Higgins, who was involved with Jim Mansfield Jr in buying land for development in Duleek, Co Meath in 2003.

Last June, AIB secured a High Court judgment for more than €6.3 million against Higgins, Mansfield Jr and two others over unpaid loans.

HSS, which owns the Citywest hotel, golf courses and convention centre, has total debts of almost €185 million.

The figure includes €140 million owed to Bank of Scotland (Ireland),which appointed a receiver to HSS last July.

Unsecured creditors are owed a total of €38 million, but were told the best-case scenario was that there would only be €6.4 million available to pay them.

That amount is dependent on the Citywest complex being sold for €120 million, the creditors heard.

The biggest unsecured creditor is Swift Concepts, an interior design firm that is owed €24 million. It was incorporated in 2008 with an address at Saggart, n ear Citywest, but has never filed accounts and is listed for strike-off at the Companies Registration Office.

Tony Mansfield acted as proxy for Swift Concepts at the creditors’ meeting last Friday, but said there was no connection between the company and the Mansfield family.

The Revenue Commissioners are owed €1.1 million.

Accountant George Maloney has been appointed liquidator to HSS.

The creditors’ meeting heard that the Mansfields were not liable for the debts of HSS, because the firm was ultimately owned by a company based in the Isle of Man.

via sbpost.ie

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