This site uses cookies to improve your experience and to provide services and advertising. By continuing to browse, you agree to the use of cookies described in our Cookies Policy. You may change your settings at any time but this may impact on the functionality of the site. To learn more see our Cookies Policy.
OK
Dublin: 13 °C Thursday 15 November, 2018
Advertisement

Receivers appointed to companies behind former Grand Canal Theatre and Point Village

NAMA has installed receivers from Grant Thornton accountants to run some companies controlled by businessman Harry Crosbie.

Receivers have been appointed to the company behind the Bord Gais Energy Theatre, previously known as the Grand Canal Theatre.
Receivers have been appointed to the company behind the Bord Gais Energy Theatre, previously known as the Grand Canal Theatre.
Image: Sam Boal/Photocall Ireland

THE COMPANIES BEHIND the Bord Gais Energy Theatre, formerly the Grand Canal Theatre, and the Point Village complex, have been placed into receivership.

TheJournal.ie understands that receivers from Grant Thornton were appointed to the companies, originally controlled by businessman Harry Crosbie, by the National Asset Management Agency.

Crosbie is known to have borrowed in the region of €450 million for the development of the former Point Depot complex, and for the development of the former Grand Canal Theatre in Dublin’s docklands.

The O2, which has related ownership, is not connected to the process and has not entered receivership.

Both NAMA and the Point Village declined to comment on the proceedings.

Both the Point Village and the Bord Gais Energy Theatre will continue to trade.

Receivership is a legal process where a creditor can ask a court to appoint individuals to enforce a loan agreement by liquidating certain assets to generate enough cash to make repayments.

Explainer: What does liquidation, examinership and receivership mean?

  • Share on Facebook
  • Email this article
  •  

About the author:

Gavan Reilly

Read next:

COMMENTS (16)

    Trending Tags