Saturday September 19, 2020

McInerney reveals negative net worth

The housebuilder is the latest company to admit that it may be in hot water as its liabilities outstrip its assets, writes David Clerkin.

5th September, 2009

The housebuilder is the latest company to admit that it may be in hot water as its liabilities outstrip its assets, writes David Clerkin.

Welcome to an inglorious club. McInerney last week became the latest quoted company to admit its liabilities exceeded its assets, as hefty property write-downs triggered fresh gloom for the housebuilder.

Joining the negative-net worth club means managing director Barry O’Connor will be forced to hold an extraordinary general meeting for shareholders,...

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