Dunnes wind-up order withdrawn

A petition to wind up retail giant Dunnes Stores has been withdrawn at the Commercial Court after the company paid €21.6m owed for a shopping centre development in Kilkenny.

Nama had authorised Holtglen Ltd, which is insolvent, to bring the petition after Dunnes failed to pay despite an arbitration award made against it, followed by a judgment order against it at the Commercial Court last March.

Holtglen claimed its insolvency arose from the non-payment but Dunnes said it was unwilling to pay on several grounds including its concerns about the viability of the centre at Ferrybank, Kilkenny.