Mount Wolseley resort owners seeks protection from creditors as High Court is told they owe €60million to banks

Mount Wolseley Hotel and Golf Resort has asked the High Court for protection from its creditors to put a rescue plan in place and save up to 175 jobs.

The 4 star resort in Tullow owned by the Morrissey family owes various banks €60 million but the High Court was told yesterday its worth between 5 & 6.5 million euro.

The family has asked Mr Justice David Keane to appoint insolvency practitioner Ian Lawlor as examiner to run and hopefully save the business as a going concern.

Bank of Ireland, which is owed about €28 million by the resort’s owners, has opposed the application, claiming the examinership process has no reasonable prospect of securing the investment required to succeed.

It wants to appoint a receiver to sell the business.