McInerney Supreme Court appeal against rescue plan refusal begins

THREE banks owed €113 million by housebuilder McInerney had adopted an approach of “simply running the business into the ground” whereas an investor wanted to help regenerate the property market and make a contribution to the Irish economy, the Supreme Court heard yesterday.

John Hennessy, counsel for McInerney, was opening an appeal by the company against a High Court decision last February to reject a rescue plan for the business.

In February, Mr Justice Frank Clarke ruled the rescue plan would be prejudicial to Belgian bank KBC and he refused to confirm it. KBC, Anglo Irish Bank and Bank of Ireland, who were owed €113m in total, had opposed examinership from the start and sought to have a receiver appointed.