Two creditors, owed €11m, may seek to set aside the High Court protective cert shielding the former Press Up boss from his creditors.
On Friday, the businessman secured court protection from his creditors over liabilities of over €27m. In a statement, the former Press Up boss described the past few years as "exceptionally difficult".
Former Press Up boss Paddy McKillen Jr has failed to get a €2.1m bankruptcy summons against him dismissed. But he has got a six-month reprieve.
The former Press Up boss claimed lender HSPF had issued the bankruptcy summons in bad faith, without first securing a judgment order against him. The hospitality businessman also contested the debt as overstated and unenforceable.
A company whose sole director is the entrepreneur Paddy McKillen Jr is buying back the well-known Workman’s Club in Dublin after previously losing control of it. The move comes as he fights a bankruptcy petition in relation to another deal.
Creditors agreed to the wind-up of the companies, which owe millions of euro. Meanwhile, a separate row between McKillen Jr and his property lender Relm is escalating in the High Court.
Cool Cat Plant Services has acquired Tank Environmental less than two years after its takeover by Emmet O’Neill and Matt Ryan.
Four non-trading companies that were once part of the Press Up and Oakmount group have gone into liquidation with debts of €15 million. Over the last 18 years companies within the group paid €200 million in taxes and over €550 million to staff and suppliers.
The examiner's survival plan imposes a €60m haircut on creditors of the former Press Up company but secures jobs at some of Dublin's best-known bars and venues.
The Eclective company founded by Paddy McKillen Jr has been under court protection since May this year. The new investor and secured creditor are "effectively in situ” and the business is running, the court heard.
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