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Mount Wolseley Hotel bad news

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    #2
    byhookorbycrook
    Moderators, Education Moderators, Regional South East Moderators Posts: 12,498 Mod ✭✭✭✭byhookorbycrook


    My understanding is that an examiner is better than a receiver?


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    #3
    Ken.
    Closed Accounts Posts: 12,898 ✭✭✭✭Ken.


    Receiver= goodbye, try to sell everything off for the best price
    Examiner=trying to keep it as a going concern to find a buyer or for the owners to work there way out of trouble. They have 100 days from date of examinership.


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    #4
    Essien
    Registered Users Posts: 2,985 ✭✭✭Essien


    It'll be an absolute disaster for the area if that closes down.


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    #5
    BarryD
    Closed Accounts Posts: 2,917 ✭✭✭BarryD


    Agreed, doesn't sound too good. Maybe another change in the long history attached to this estate. Lots of hotels seem to be in the same boat at present. Stayed at Kinsale Carlton recently, very pleasant and well appointed, was surprised to see a note on the receipt that it was in receivership.


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    #6
    Bobby1984
    Registered Users Posts: 267 ✭✭Bobby1984


    An examiner is appointed by the High Court (usually after an application from the owners of the company) to see if the company is viable, come up with a strategy to ensure it continues long term and to protect it from its creditors for 100 days.

    A receiver is usually appointed by a creditor (usually a bank) to enforce a charge or loan against the company and to obtain payment. He can sell off assets or continue trading until the loan is repaid. This doesn't necessarily mean that the company will cease to exist.

    A liquidation mean the end of the company and can be a members liquidation where the company is solvent or a creditors liquidation where the company does not have enough funds to meet its liabilities.

    All that said, I hope things work out well for The Mount. Having worked there a number of years ago and seen it transformed into the hotel it is now as well as attending a number of weddings there, it would be terrible to see the place close.


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