Bang gone bang

by **dovetail** » Wed Jan 06, 2010 11:01 am

Any truth to the rumour that bang and residence have gone into liquidation?

by **Hanna** » Wed Jan 06, 2010 12:08 pm

Apparantly it's in liquidation, along with The Residence.

http://www.independent.ie/national-news/courts/exclusive-club-is-placed-into-examinership--owing-millions-2000582.html

by **unclepat** » Wed Jan 06, 2010 12:19 pm

Not quite liquidation Hanna- it's examinership which gives them the opportunity to do phoenix from the flames

by **Hanna** » Wed Jan 06, 2010 12:34 pm

HMmmmmmmmmmm *scratches head*

The way I (now re-)read the article, The Residence is in Examinership, but Bang (and Mayfair Properties Ltd) are being liquidated?

by **unclepat** » Wed Jan 06, 2010 1:31 pm

You're quite right Hanna, having re-read the Indo article, that is certainly how it appears. Looks like the company operating residence loaned the company operating bang a lot of money which they are unable to pay back.
My gut feeling is that bang will be saved as it certainly appears to be the most viable part of the operation.

by **dovetail** » Wed Jan 06, 2010 1:34 pm

The way I understand it is residence borrowed money from bang and cannot repay it causing bang to go into liquidation, whilst residence stays open! Surely not though! Close residence and leave open, but maybe debts so huge in residence that to close would sink the whole lot?? Bit confused by this article!

by **burkean** » Wed Jan 06, 2010 1:54 pm

I wonder does the existence of 1,450 members of Residence (at the potential power of this rather wealthy group) might influence the decision to keep plugging away at Residence.

Might have this one totally wrong though...

by **Western Star** » Wed Jan 06, 2010 4:26 pm

"It counts property tycoon Johnny Ronan, celebrity chef Kevin Dundon, and a host of actors and models among its clientele."

"I think a lot of people who didn't go to Residence would have a feeling that it is a poncey, upper class, temple to the excesses of the Celtic Tiger. But it wasn't."

Shuuure it wasn't. :rolleyes:

To quote the great Groucho Marx "I sent the club a wire stating, PLEASE ACCEPT MY RESIGNATION. I DON'T WANT TO BELONG TO ANY CLUB THAT WILL ACCEPT ME AS A MEMBER."

by **Western Star** » Thu Jan 07, 2010 5:41 pm

Trevor White - a member, naturally - was on Matt Cooper's show last night to talk about this. He reckoned it was very sad (he must have used the word half a dozen times) that the more refined elements of Dublin society would have no place to congregate away from the great unwashed, and that it appeared the city was not big enough to support this type of establishment. Matt asked him at the finish where would they go now; he replied with as much sneery condescension as he could muster "back to the vomit stained pubs from whence they came!".

by **dolores** » Thu Jan 07, 2010 9:55 pm

If only he would.

by **burkean** » Fri Jan 08, 2010 11:43 am

Strange how all the traditional clubs like KSUC and what not can still survive so well. It's almost as if Residence was filled with jumped-up Celtic-tiger a$$holes who were all fur coat and no knickers.

Oh....

by **Diapason** » Fri Jan 08, 2010 1:39 pm

burkean wrote:Strange how all the traditional clubs like KSUC and what not can still survive so well. It's almost as if Residence was filled with jumped-up Celtic-tiger a$$holes who were all fur coat and no knickers.

Oh....

I actually LOL'ed!!

by **markh** » Sat Jan 09, 2010 1:48 am

http://www.irishtimes.com/newspaper/finance/2010/0109/1224261978352.html

by **Hanna** » Sat Jan 09, 2010 4:21 pm

I wonder how Unicorn is doing???

by **unclepat** » Mon Jan 11, 2010 8:08 am

I read somewhere recently that they were considering closing the Unicorn deli as a result of a substantial rent increase by Dublin City Council. In the same article the owners mentioned that they were considering turing Il Segreto into a casual cafe.

by **burkean** » Mon Jan 11, 2010 11:04 am

Largely unrelated, but was sent this link by a friend and it made me laugh.

http://www.independent.ie/national-news/ronan-takes-8364130000-car-back-from-gilson-after-the-latest-bustup-between-fiery-couple-2007215.html?start=3

Then again, I do have an overdeveloped sense of schadenfreude.

by **pinch** » Tue Jan 12, 2010 2:59 pm

Pimp a ride

by **YumYum** » Thu Jan 14, 2010 9:56 am

Unbelievable. Not paying over PAYE should see the directors in jail in my view http://www.irishtimes.com/newspaper/finance/2010/0114/1224262292456.html?digest=1, joining the builders, the bankers, sigh....

Really don't hope to see the operators rise phoenix-like from the flames of this mess. I do not think the court should support an examinership, protecting the company from legitimate creditors, when this is the way that they ran the company. Quite shocking. Of course if the Revene are remaining neutral and the creditors support the examinership then it will probably go through. At the end of the day I would not second-guess Judge Kelly, he is as straight as they come down there.

by **sean_dru** » Fri Jan 15, 2010 1:55 pm

The revenue never cease to amaze me. ''comfortable'' they where not so ''comfortable'' when i owned them a poxy few thousand. if i remember correctly they threatened to send the sherrifs round if i didnt pay within 7 days.

by **bigjoe** » Wed Jan 20, 2010 3:45 pm

delinquents by all accounts.

http://www.rte.ie/business/2010/0120/residence.html

lub directors 'delinquent', says judge
Wednesday, 20 January 2010 13:05
The Residence private members' club on Dublin's St Stephen's Green is to have court protection removed after a High Court judge refused to appoint an examiner. A receiver could be appointed to the company later today.

Mr Justice Peter Kelly has also recommended that his judgment, which is highly critical of Missford Ltd and its directors Simon and Christian Stokes, be forwarded to the Director of Corporate Enforcement. He described the directors as 'delinquent'.

He sharply criticised how money was deducted from employees' salaries but was not passed on to Revenue and was instead used as working capital.

Advertisement
Revenue is owed â‚¬1.2m in unpaid taxes by the company. The largest creditor, Zurich, which is owed â‚¬2.3m, said it would now seek to appoint a receiver to protect its interest.

Counsel for the company Ross O'Gorman has asked for a stay on the lifting of court protection while the lengthy judgment is considered. But Mr Justice Peter Kelly said he would allow this only until 2pm today.

In his judgment Mr Justice Kelly said it was high time for change so that the misuse of other people's money could not be regarded as working capital by accountants.

The judge said he was highly sceptical of expressions of optimism by an independent accountant that the company could begin to trade profitably in a recession of unprecedented dimensions. He said it ran entirely counter to what was happening in the hospitality trade.

He added that the company had never traded profitably to begin with and the purpose of the legislation governing examinership was not to allow it to begin trading profitably.

He also said that the appointment of an examiner would result in the directors avoiding a full investigation under the Companies Act and that it was not the purpose of the legislation to protect 'delinquent directors'.

Nor, he said, was it to provide directors with a ready form of absolution for corporate wrongdoing. He said the directors had shown scant regard for their obligations under company law to Revenue and employees who had their taxes deducted but never forwarded.

The Residence private members' club opened in May 2008 and has 1,450 members. It also has a public bar and night club. It employs 41 people.