Cullen raised €3 million in attempt to stave off appointment of receiver

Entrepreneur Bill Cullen put up a €3 million package in an effort to prevent Ulster Bank appointing a receiver to his motor business.

Ian Kehoe - avatar

Ian Kehoe

13th October, 2012
Cullen raised €3 million in attempt to stave off appointment of receiver
Bill Cullen: owes Ulster Bank €12 million. Photo: Maura Hickey

Entrepreneur Bill Cullen put up a €3 million package in an effort to prevent Ulster Bank appointing a receiver to his motor business.

Cullen pumped €1.5 million in cash into his main holding company, Glencullen, in recent weeks, and was also poised to inject a further €1.5 million he had raised from auctioning off property assets.

Cullen assembled the €3 million following pressure from the bank over his debts. The businessman owes the bank €12...

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