Supreme Court dismisses McInerney’s appeal against rejection of rescue plan

THE Supreme Court has dismissed, by a majority of three to two, the appeal by building company McInerney against the High Court’s rejection of a rescue plan for the company.

Prior to yesterday’s decision, McInerney Holdings plc had called a separate EGM for July 29 at which it will ask shareholders to place the company in liquidation. Its chairman, Ned Sullivan, told shareholders in a letter that the board and its advisers believed this was the best course of action.

The High Court, in a number of judgments, had rejected the rescue plan on grounds including the company’s creditor banks, particularly Belgium-based KBC, would be unfairly prejudiced by it. All the creditor banks — KBC, Anglo Irish Bank and Bank of Ireland — opposed the plan and sought to have a receiver appointed. Between them the banks are owed €113 million