Rebel Bar Group into Liquidation

castie · 06-04-2009 2:03am #1

http://www.thepost.ie/post/pages/p/story.aspx-qqqt=IRELAND-qqqm=news-qqqid=40836-qqqx=1.asp

The Savoy and the Lakelands were closed over the weekend and on the Rebel Bar Group site it says the Savoy is closed due to licensing issues. Im not sure what else has closed or is remaining open. It also mentions a number of loss making pubs have already been closed. Anyone noticed any more?

rebel.ranter · 06-04-2009 11:00am

They have gone into receivership not liquidation, slightly different:

What is the difference between receivership and liquidation?

In receiverships assets are realised for the benefit of the secured creditor who made the appointment. In liquidations the assets are realised primarily for the benefit of unsecured creditors. They may actually be able to trade their way out of it.

Liquidation

A liquidator has the task of winding-up a company, realising the company's assets and distributing those assets in accordance with law. In such cases, unsecured creditors sit on a list of those to whom money is owed. The law prescribes the order in which available money may be paid out and only if all secured creditors (these will usually include banks with secured loans etc) are reimbursed can any remaining money then be distributed to unsecured creditors. In the majority of cases, unsecured creditors receive little or none of the money outstanding to them.

Examinership / Administration

An examiner is appointed by the court (Companies Act 1990) for the purpose of examining the situation, affairs and prospects of the company. Consumers who find themselves affected by an examinership may still receive goods or services for which they have contracted if the company continues to trade through the examinership, but this process puts all parties dealing with the business on notice of its financial difficulties and unless a remedy to the financial difficulties of the business can be identified, the next step would often be the petition for liquidation (see above).

Administration is the UK's version of examinership. There are a number of differences between administration and examinership, however the effects for the consumer are broadly the same.

Receivership

A receiver has the task of securing the assets of a company wherein a creditor company would have inserted this facility when the two parties originally contracted. Typically, lending institutions would avail of this mechanism to secure large loans. The status of consumers in a receivership would be similar to that in an examinership, with the same warning applying regarding the likelihood of a subsequent petition for liquidation.

In each of these cases the trading status of the company in question will depend on the circumstances surrounding the appointment of the relevant officer. Some businesses may continue trading as normal whilst others may immediately begin the process of winding up.

Owen · 06-04-2009 11:14am

A few years back, I used to work for a company who installed beer flow meters, and touch screen tills - we had lots of work from the RBG, and honestly, I enjoyed working with them. Great bunch of lads, and sorry to see them go this way

rebel.ranter · 06-04-2009 11:43am

I know the article said liquidation but as far as I have heard they are in receivership. It is sad to see this business go under, there are a lot of people affected not just the 140 staff.

murphym7 · 06-04-2009 11:51am

castie wrote: »

http://www.thepost.ie/post/pages/p/story.aspx-qqqt=IRELAND-qqqm=news-qqqid=40836-qqqx=1.asp

The Savoy and the Lakelands were closed over the weekend and on the Rebel Bar Group site it says the Savoy is closed due to licensing issues. Im not sure what else has closed or is remaining open. It also mentions a number of loss making pubs have already been closed. Anyone noticed any more?

Castle Bar in Carrigtwohill.

castie · 06-04-2009 1:57pm

Im just going by what the press is saying really so i could be wrong.
Apparantly they also have 10 premises that are leased out. Im wondering might the people leasing these actually be involved with the company? Id be curious to find out when the lease agreements were signed.

castie · 06-04-2009 2:59pm

Okay just wondering but why is every newspaper and the rebel bar group site saying a liquidator has been appointed if they are in receivership?
Seems a bit odd that even they themselves would use the word liquidator if they werent going into liquidation.

whocares86 · 22-04-2009 11:49pm

I am not a bit surprised this has happened, the RBG got way over their heads 2 quickly, they were getting property at peak times. i had dealings with them 2 years ago and i wasnt very surprised this happened