Winding-up petition brought by €1 million investor whose loan was part of Ireland’s now defunct Immigrant Investor Programme via IrishTimesBiz
Last Monday, other creditors of the hotel brought a High Court petition seeking the operating company’s winding up. That application was adjourned to next month to give that firm time to file replying affidavits.
This programme, which was terminated by the Government last month because of alleged abuses, allowed foreign citizens to be eligible for a visa to reside in Ireland on the basis of a minimum €1 million investment in Ireland. The loan note fell due for repayment in July 2020 but despite numerous requests for repayment, it has not been paid, she said.
She said she was told by Mr Dai she would have to borrow from his Kylin group in order to subscribe to the €1 million loan note arrangement. Even though she had sufficient funds of her own, she said she succumbed to his pressure and borrowed €300,000 from Kylin. The hotel appears to be the only major asset of Huawen or the shares in the company that holds the assets. She fears it may be transferred to a third party to avoid legitimate claims of creditors.
He was satisfied there was a concern about the way the company is managed and that its main driver, Mr Dai, has engaged in questionable conduct.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Provisional liquidator appointed to firm behind ‘effectively abandoned’ Monaghan hotelWinding-up petition brought by €1 million investor whose loan was part of Ireland’s now defunct Immigrant Investor Programme
Read more »
Provisional liquidator appointed to firm behind ‘effectively abandoned’ Monaghan hotelWinding-up petition brought by €1 million investor whose loan was part of Ireland’s now defunct Immigrant Investor Programme
Read more »
Revenue ‘very concerned’ about Co Monaghan hotel with unpaid taxesRevenue is “very concerned” about the company and related businesses behind the Nuremore Hotel in Co Monaghan
Read more »
Irish health service responded ‘effectively’ to Covid pandemic, finds studyPublic and health service staff thought the Government ‘`got its response largely right’
Read more »
Man who inspired Hotel Rwanda movie returns to US after being freed from jailPaul Rusesabagina sheltered ethnic Tutsis at the hotel he managed during the country’s 1994 genocide.
Read more »
Keith Long appointed as new Waterford managerThe former Bohs boss replaces Danny Searle, who was sacked earlier this week.
Read more »