Doonbeg property owners ‘face ruin’

Most of the investors who purchased properties with rental guarantee agreements attached to the Doonbeg golf resort now “face ruin”.

That is according to one investor yesterday as it was confirmed Tom Kavanagh of Kavanagh Fennell has been appointed as liquidator to Doonbeg Golf Club Ltd.

The most recent accounts lodged with the Companies Office show Doonbeg Golf Club Ltd’s largest creditors were connected companies owned €77m. The owners of investor properties with rental guarantees ranging from €1.2m to €1.8m will be categorised as unsecured creditors in the process.