ACC to seek winding up of three Fleming companies

ACC BANK will ask the High Court today to wind up three insolvent companies in the Fleming building group, which has debts of more than €1 billion, following the Supreme Court’s decision to end court protection for them.

The court yesterday refused court protection after finding that the proposed survival schemes for John J Fleming Construction (JJFC), JJ Fleming Holdings (JJFH) and Tivway Ltd, did not amount to a plan with a reasonable prospect for their survival as “going concerns”.

The schemes were instead a “holding plan”, involving the sale of the profitable “engine” or construction arm of the group to a new company outside the examinership, leaving behind an impaired property development business, Ms Justice Susan Denham said.