WATCHING contractor P Elliott Co limp into receivership was a painful process. In May, 15 companies within the P Elliott group went into receivership on the back of €120m of debt, with Kieran Wallace and Cormac OConnor of KPMG acting as receivers.

There was some positive news for creditors last week when the company, and its joint-venture partner, Warren Private Clients, received the go-ahead for more than 350 homes, two shops, four offices and a creche on a site next to Aikens Village in Stepaside in south Dublin, which will boost the sites value somewhat.

Before starting, however, they will have to give nearly €4.2m towards the Luas line extension to Cherrywood and about €5.5m towards infrastructure and facilities provided by Dún Laoghaire Rathdown Co Council.