ACC appoints receiver to Cordil

THE chief executive of a Galway construction firm said yesterday that he is “very disappointed” at the decision by ACC bank to appoint a receiver to Cordil Construction Ltd.

Gerry Dillon said 51 jobs at the firm will be lost as a result of the move, with a further 450 jobs among sub-contractors and suppliers adversely affected.

He said: “The company has been unwillingly put into receivership. I am very disappointed by what ACC has done. I felt that we had a viable company here, with projects worth €27 million to complete. It is a huge disappointment for us and our clients.”

Mr Dillon said Cordil was up-to-date in its loan repayments to ACC bank, but said the bank acted after suppliers moved to wind-up the firm over monies owed.

Cordil is one of the largest school building firms in the country and had 13 live projects on its books when the Dutch-owned Rabobank subsidiary, ACC, appointed Aengus Burns of Grant Thornton as receiver. Earlier this month, Cordil suspended work on the projects.

Mr Dillon said last night that a bond is in place for all of its schemes and added that he hoped that the projects could be completed without delay.

He said the company had a loan of €5.5m with ACC and that the bank had a floating charge over Cordil’s assets. “It is a commercial decision that ACC has taken.”

Mr Dillon said that Allied Irish Bank is the company’s other bank. “AIB was willing to work with us, but their hands were tied because of the floating charge over the company’s assets.”

Mr Dillon said Cordil is owed €3m to €4m “at least” by debtors but did not know how much the firm owes to trade creditors.

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