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Legal Affairs Correspondent A High Court judge has granted a petition brought by a 78-year-old Irish woman, to wind up an Irish firm owned by a collapsed German property company. Mr Justice Brian O Moore made the order in relation to MUT 103 Limited, based in Naas, Co Kildare, which was linked to the German Property Group (GPG) formerly known as Dolphin Capital. He said on the evidence before him MUT 103 was plainly insolvent and around €107m is still outstanding to Irish investors in GPG. The judge said his decision was influenced by the fact that investors had been continually reassured since July 2019, that the sums advanced by MUT 103 were fully secured but further information in an options paper circulated five days ago, described a much more insecure position . ....
A 78-year-old Cork woman has petitioned the High Court to wind up an Irish firm owned by a collapsed German property company. Kathleen Dineen claims she is owed a total of €135,000 and, her counsel told the court, she “has been consistently fobbed off’ when she sought repayment of her loan note investment. The German Property Group collapsed last year after taking more than €1bn from investors in Ireland, the UK, Asia and elsewhere. Money had been raised from over 1,800 Irish investors by way of issuing loan notes for the purpose of buying and renovating listed buildings in Germany with promises of annual returns of as much as 15pc. ....