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High-end cars to be auctioned off by receiver

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  • 27-07-2008 10:27am
    #1
    DonJose
    Registered Users Posts: 3,470 ✭✭✭


    Looks like the recession is already biting hard, could be some bargains to have!!!

    http://www.orwellmotors.ie/oml/

    "A Dublin car dealership that specialised in high-end vehicles has gone out of business after running into financial difficulties.

    Bank of Scotland (Ireland) has appointed a receiver over the assets of Orwell Motors - including its stock of cars - in an effort to secure funds it advanced to the business.

    The bank is believed to be owed more than €1 million. Orwell Motors, on Ballymount Road in Walkinstown, has more than 75 used cars in its showroom, including Porsche, Mercedes, BMW and Lexus models.

    The receiver, Paul McCann of accountancy firm Grant Thornton, has taken control of the premises and is winding down the business.

    It is expected that the receiver will auction off any remaining cars in the showroom over the coming weeks. Falling demand and weakening consumer confidence are affecting other car dealerships.

    Last week, the directors of Owen Crinigan Motors, another Dublin dealership, held a meeting of the firm’s creditors to appoint a liquidator and wind up the company.

    The Revenue Commissioners have also lodged a petition with the High Court to shut down Millennium Sales, a Galway motor company. The petition is scheduled to be heard tomorrow morning.

    The number of new cars sold in the first half of the year was down nearly 19 per cent on the first half of last year - 124,146, compared to 152,938 in the first six months of 2007, according to figures from the Society of the Irish Motor Industry."

    http://www.sbpost.ie/post/pages/p/story.aspx-qqqt=IRELAND-qqqm=news-qqqid=34750-qqqx=1.asp
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