HOUSE OF CARDS

THE board of housebuilding group, McInerney Holdings has resigned in the wake of shareholders voting against its proposal to wind down the company through voluntary liquidation.

Over 73% of McInerney’s shareholder base voted against liquidation at an extraordinary general meeting in Dublin yesterday.

The company wrote to shareholders, earlier this month, suggesting that winding down the company was the only option as it had “no meaningful assets of worth”, no bank facilities and no cash and combined debts of around €113m outstanding to three banks.