Two creditors meetings involving the Lafferty Enterprises in Creeslough have rejected plans by the Examiner to save the family business.
People have held a meeting to support Mr Lafferty
The Tirconail Tribune reports this morning how the rejection has dealt a severe blow to businessman Danny Lafferty and his family.
They will appear in the High Court on Friday to hear if the business has a future at all.
The meeting, which was held yesterday, heard claims from various creditors who are owed as little as €600 to one creditor who is owed more than €220,000.
However Mr. Seamus Farren of Farren Roarty, Chartered Accountants had presented proposals to save the Lafferty companies to creditors meetings at the Silver Tassie Hotel amid much speculation that a yes vote would go a long way towards securing the High Court’s support to prevent the business being liquidated.
The plan would see unsecured creditors write off 95% of their debts while the preferential creditors would take a cut of 90%.
Secured creditors at the Lafferty Supermarket and the Corncutter’s Rest are owed €669,254. One contingent creditor is owed €452,089.
The preferential creditors include the Revenue Commissioners and Donegal County Council and redundancy payment for two workers. The liability in this category is €111,466.
Read the full story on a Donegal village’s battle to survive in today’s Tirconail Tribune.