Bill Cullen apologises to High Court for disclosure failure

Businessman, Bill Cullen has apologised to the High Court for failing to disclose he owned part of the land on which the Muckross Park Hotel is built, when applying for examinership.

The Court is hearing an application for the appointment of a full examiner to the five-star hotel, which has debts of more than €9m.

The trio of Apprentice stars, Bill Cullen, Jackie Lavin, and Brian Purcell are all in court today, to hear this examinership application.

Mr Cullen and his companies are seeking time to find new investors for the business.

The Court has heard there is a significant financier in the wings willing to fund the business with €4m.

Lawyers for Mr Cullen said the unnamed investor was not a tyre-kicker, and perhaps the only prospect for the company's future survival.

ACC Bank is objecting to the application saying there is an issue over the division of ownership of the land the five star Hotel is built on.

Lawyers for Mr Cullen apologised for failing to disclose he owned part of the land, suggesting he simply 'forgot' with the shock of what was occurring with the business.

They have said that the issue of ownership can be resolved at a later date, and all that needs to be proved today is that Bill Cullen has a reasonable prospect of success in that case.