Property company to be wound up

A High Court judge has decided that collapsed property company Laragon Developments should be wound up and go into liquidation.

Mr Justice Frank Clarke today refused to approve a scheme put together by an examiner to save the company, which is part of the Hanley group of construction and quarrying companies.

Ninety-five homebuyers paid up to €20,000 in deposits for apartments in Dublin, and the examiner scheme was offering them just 1% of that figure back.

Mr Justice Frank Clarke said the depositors and creditors had not been dealt with fairly, and refused to approve the examiner's scheme.