McInerney Construction examiner's report 'unsatisfactory', says judge

A High Court judge has today described the examiner’s latest report on the value of property assets in the troubled McInerney Construction group as "unsatisfactory".

The homebuilder owes more than €114m to a banking syndicate comprised of Bank of Ireland, KBC and Anglo Irish Bank.

Mr Justice Frank Clarke said the haircut taken by the banks on their debts cannot be more severe than if they went to the receivership barber.

A full hearing is to take place tomorrow.