Donegal construction company collapses with €30m debt

A Donegal building firm that paid a €100 deposit for a €19 million land deal at the peak of the boom has collapsed into receivership.

9th July, 2011

A Donegal building firm that paid a €100 deposit for a €19 million land deal at the peak of the boom has collapsed into receivership.

Bank of Scotland (Ireland) has installed Tom Kavanagh of insolvency firm Kavanagh Fennell as receiver to McGinley Construction.

It is understood that the firm has debts of around €30 million, with the bulk of the money owed to banks. Trade creditors are also owed a seven-figure sum by the firm.

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