Just a week after appointing receivers to assets owned by TD Mick Wallace’s M&J Wallace Limited, news this evening that ACC has appointed receivers to Galway-based construction and development company, Cordil Construction Limited. The company was founded in 2000 by Gerry Dillon and Pat Corrigan. Its developments includeFairhill Court (GalwayCity), Dun Eibhir (Furbo, Co Galway) andGalwayWestBusPark (Galway). The company is said to have debts of over €30m of which trade creditors are said to be owed €6m and banks are understood to be owed €21m. Galway News reports that the company employs 51 people directly and more than 400 at subcontractors and has operations inIreland and theUS.
RTE report that the company had previously stopped work on its sites because of credit problems and ”restrictions of Government contracts”. The name of the receiver does not appear in reporting
UPDATE: 1st June, 2011. The Irish Examiner reports that Aengus Burns of Grant Thornton is the receiver. The newspaper carries a report of a statement from Cordil’s Gerry Dillon who said that ACC Bank, a subsidiary of Dutch bank, Rabo had a floating charge over the company’s assets and was owed €5.5m. Cordil has loans from other banks but it was ACC that chose to launch recovery action, according to Gerry.
NAMA Wine Lake 
The final comment is telling, “restrictions of Government contracts”.
I assume that this means no tax clearance cert. equals no payment. The Revenue had been under pressure to issue short-term (three & six month certs.) to enable companies get money from one arm of the State, pay the Revenue a proportion against arrears and use the balance to pay their other debts.
Revenue seem to have changed their tune more recently with their being a greater willingness to finally pull the proverbial trigger on the mortally wounded.
It is about time, the last Govt. put sever pressure on to stop the half dead being put out of their misery.
I wonder if Niall ever owned a business as its typical of guys with absolutely no experience in business making comments like this. Probably a pubic servant who get their wages from the entrepeneurs he criticises. Shame on you as its the entrepeneurs and risk takers that feed everything and everyone else who criticises those that make wheels of the whole economy turn!