Fund opposes application to appoint examiner at Druids Glen golf club

A fund is opposing an application to appoint an examiner to one of Ireland’s top golf courses, the High Court has heard.

Druids Glen Golf Club Ltd (DGGC), which owns and operates Druids Glen Golf Course, sought court protection two weeks ago.

The adjoining Druids Glen five star hotel, and a second 18-hole course, the Druids Heath Golf Course, are not part of the examinership process.

DGGC sought protection after Gulland Property Finance Ltd, which acquired a loan made by Anglo Irish Bank to Lakeford Ltd, a related company of DGGC, appointed a receiver over the 18-hole championship course.

Gulland says it is owed some €4.85m by the related company and it appointed the receiver over the golf course at Newtownmountkennedy, Co Wicklow after its demand for payment was not satisfied.

Following the receiver’s appointment, DGGC went to the High Court, seeking to have the receiver removed and an examiner appointed instead.

Yesterday, when the matter was briefly mentioned before Ms Justice Caroline Costello, she was told Gulland opposes the appointment of insolvency practitioner John McStay, of McStay Luby Accountants, as interim examiner to DGGC and Lakeford, an Isle of Man-registered firm.

Lyndon MacCann SC for Gulland and the receiver, said examinership will be opposed .

The judge adjourned the matter to next month.