McInerney set to be wound down

MCINERNEY Holdings looks set to be wound down, through a voluntary liquidation process instigated by the group’s management.

The board of the debt-ridden Irish housebuilding group has written to its shareholders explaining its decision and informing them that it will hold an extraordinary general meeting on July 29 to vote on the matter. The board requires 50% shareholder approval to pass the motion.

In the letter to shareholders, McInerney’s chairman, Ned Sullivan, outlines that the group has “no meaningful assets of worth”, no bank facilities and no cash, leaving the board with “no realistic alternative but to propose its liquidation” and cease trading.