Unsecured creditors owed £23.8m

Unsecured creditors of Edward Kavanagh (Maynooth) Company, which was put into voluntary liquidation yesterday, are owed an estimated £23.8 million (€30.2 million). This is £13.2 million more than may be available.

An estimated statement of affairs from the directors as of October 26th, 2000, given to creditors showed total estimated realisations of £11 million from book value assets of £16.6 million.

Preferential creditors are owed £515,000 and unsecured creditors £23.8 million, making for an estimated deficiency of £13.3 million.

Creditors were told there was a disputed claim of £3.8 million from Mooreview Developments Ltd. Mr Edward Kavanagh told the creditors that to his knowledge Mooreview had no contract with Edward Kavanagh and had not entered into any agreement with it.

The company owes nine banks a total of £11.5 million. Mr Kavanagh told the creditors' meeting the bank borrowings were unsecured but that the banks did have personal guarantees.

The list of creditors includes Mr Kavanagh, who is owed £156,166. He told creditors this was money he had borrowed from the banks and loaned to the company. The same applied to £161,879 owed to Mr William Kavanagh.

He said his parents, Mr Thomas Kavanagh and Ms Sheila Kavanagh, were owed £1.1 million as a result of an agreement they had with the firm that it would provide certain pension payments to them. The meeting was told the figures represented an actuarial value put on the agreement.

The larger creditors listed include: Dardis and Dunns Seeds Ltd, with which the Kavanagh company is associated (£1.76 million); RH Hall plc (£1.3 million); and Quinns of Baltinglass Ltd (£966,823).

A full list of creditors is available on The Irish Times website, ireland.com at: www.ireland.com/ newspaper/special