ACCBANK is expected to oppose a High Court application to have an examiner appointed to a group which owns several shop units and land at Dundrum, Co Dublin.
It is understood that ACC is owed in excess of Pounds 1 million by the group which owns the land in Dundrum village. The petition is due to be heard in the High Court on Monday and the land is said to be the group's main asset,
The land comprises the site of the old Pye radio and television factory and is situated beside Crazy Prices. It is understood to comprise around 10 acres.
Last week, ACC appointed a receiver to the companies, which includes the Dundrum Property In vestment Company, Suresun Ltd, Cabriole Construction Ltd and Dalehall Property Company Ltd. However, a director and share holder of the companies, Mr Aidan Kelly, lodged a petition in the High Court seeking examinership.
Property sources say the site could be worth Pounds 3 million-Pounds 5 milliondepending on what it is used for. Part of the site was sold over a year ago, and apartments are being built on it.
A number of commercial and retail units are currently trading on the site, but sources say there has been a regular turnover of traders. Occupants include a restaurant, furniture store, windows and doors suppliers and a creche.
In 1994, Cahriole Investments lodged an ambitious, scheme with the planning authorities to develop the site. The scheme included a 58 bedroom hotel gymnasium splash pool, retail units and a five screen cinema complex, capable of seating more than 1,000 people.
The plans, also featured two threestorey residential developments, one of which included 42 two bedroom and two one bedroom apartments. The scheme included a carpark on two levels for 900 bars plus 374 surface car park spaces.
Local sources say that the company was seeking a joint venture partner to develop the site, but the project did not materialise. Part of the site also suffered some flooding a few years ago.
The companies, which ACCBank seeking to have put in receivership, have not filed annual returns in the Companies Office. Companies are supposed to file annual returns 18 months after they are incorporated and every 12 months thereafter.
If examinership is granted on Monday afternoon, it will protect the companies assets and the employment of the few people who work in their offices in Dundrum until the examiner files his report to the court on the companies' future.
However, if a receiver is appointed he will act on behalf of ACCBank until the bank's loans to the companies have been discharged.
