Supreme Court to rule on McInerney rescue plan

The Supreme Court is to rule on whether to approve a rescue plan for housebuilders, McInerney.

The package put forward by an examiner is opposed by three major banking creditors, KBC, Anglo Irish and Bank of Ireland which are owed a total of €113m.

It has been argued the examiner's survival plan will bring investment, save jobs and help regenerate the property market.

McInerney is one of Ireland's oldest homebuilders and employs more than 100 people.

The High Court rejected the examiner's proposals earlier this year arguing that the strategy would be prejudicial to KBC, the only 'non-NAMA bank' amongst its bank creditors which are owed €113m.

But the Supreme Court has been told if it upholds the High Court ruling then McInerney's banking creditors will takeover the business and run it into the ground.

A ruling is due this afternoon.