Bank seizes property scheme

A residential property development in Co Tipperary has been seized by Ulster Bank after it ran into cashflow difficulties.

Ian Kehoe - avatar

Ian Kehoe

12th July, 2008

A residential property development in Co Tipperary has been seized by Ulster Bank after it ran into cashflow difficulties.

The bank had advanced about €5 million to fund the 20-unit development in Dundrum, Co Tipperary, and has now moved to secure its loans.

The bank has appointed a receiver over the assets of Dundrum Manor Properties, the Clare-registered company behind the scheme. The site has been idle since the company ran out of cash three...

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