Just wondering if there are any of the above mentioned out there...
Am really excited about the big day and venue next year but was concerned when i read that they had appointed a Receiver!! Any views on this??
many thanks !
Hi - My sister is trying to get her deposit back from Finnstown & they are telling her that they cannot sell the date now - so she will lose €2000. Would anybody have any advice on this???
Some info from a law book that i have, might help....
[i:2qfydekd][b:2qfydekd][color=#FF0000:2qfydekd]A receiver is appointed if debt in company, he is usually an accountant.[/color:2qfydekd][/b:2qfydekd][/i:2qfydekd]Receivership is the enforcement of corporate securities called debentures. The principal task of the receiver is securing the assets of the company.
Distinction between a Receiver and a Receiver Manager
A Receiver or realising corporate property and assets and distributing the proceeds to the chargee or otherwise as the Law directs A receiver manager is managing the affairs of the company in the hope that the debts outstanding to the debenture holder can be met.
Appointment of a Receiver
• Under Debenture – a mortgage or Chargee who has lent money to a company can enforce the security if the company defaults in repayment or breaches another aspect of the security. He owes no special duty to the company in deciding to appoint the Receiver but the appointment must advance his interest otherwise it is made in bad faith
• By Court – The Court can direct that the receiver may no longer act from a date specified by the court of direct that he acts only in respect of certain assets, deliver company books, papers, and records to the examiner and/give the examiner details of all his or her dealings with the company’s property and undertaking.
[b:2qfydekd]Effect of the appointment of a receiver is as follows:[/b:2qfydekd]
• Floating charges cystallise and become fixed.
• The company powers and the directors authority are suspended
• [b:2qfydekd][color=#FF0000:2qfydekd]Existing contracts remain binding on the company, Case Nudigate Colliery Ltd Where it was held that a receiver should carry on existing contracts if it effects the good will of a company.[/color:2qfydekd][/b:2qfydekd]• Where he is appointed a Receiver – Manager he is entitled to carry on the business of the company.
• If he considers that it is in interest of the debenture holder he can sell the assets or the entire undertaking of the company if the debenture covers it
• Contracts of employment remain valid except that the Receiver is not personally liable for wages
• He can prevent the directors exercising their powers to maintain proceedings
Duties of a Receiver
• Duty to provide information Case Costello J in Irish Oil & Cake Mills Ltd v Donnelly
• Duty of receiver to provide documents and accounts to individual director or shareholder Case Donal Kinsella v Bernard Somers (High Court23/11/99)
• Duty to exercise care in disposing of assets Case Standard Charter Bank v Walker (Duty to take reasonable care to obtain true market value)
• Duty to Guarantors – Can sue a receiver for negligence
• Duty in Applying the Proceeds of Sale,
Removal / Resignation of Receivers
The receiver can be removed in the following ways
• The debenture holder can remove him under the debenture
• The Court can remover him for misconduct
• A Liquidator can have a Receivership “ Limited or determined” by applying to the court
• An Examiner who is appointed within 3 days can apply to the Court to remove him
• If he is appointed by the Court, the Court must Consent
• If he is appointed by a debenture he must give one months notice
• If the receiver becomes disqualified he must vacate the position or he will be guilty of an offence, He cannot act as a receiver if he is a:
1. Body Corporate
2. Undischarged Bankrupt
3. An officer of the company within the previous 12 months
4. A Parent, Spouse, brother, sister of an Officer
5. A Parent or employee of a officer
[b:2qfydekd]If you check one of the threads in OF posted the other day about city west going into receivership i am nearly sure there is a repsonse from Finnstown House
Best of luck girls, x[/b:2qfydekd]
Thanks for the replies girls...I work for a legal firm and asked them for advice today..they said maybe hold tight for a number of reasons...
1. Chances are it's going to happen a lot of hotels fairly shortly.
2. A lot of places are in REceivership but still fully functioning i.e. Thomas Reids
3. You will only get your deposit back if they cannot perform the function they have been contracted to do.
4. In light of the No. 3 above Under the Credit Act you will be able get your deposit back if it was paid by Credit Card, laser.. however if you paid in cash it would seem unlikely!!
I checked out the of posts ...not much there ...but that was last nite...
The message i've been getting is not to panic unduly...
easier said than done tho!!
Finnstowns told me last thursday i can have my depoist back and then on Monday said no !!!!!!!!! so hard to trust it all in a away girls but i think i will hang tight also
hi there i am a finnstown B2B 2011 and i was alos told to hold tight for now very hard but i think your right it could happen anywhere it was good to see your point on if you paid by laser you could get your money back i did not know this