Case Study 1
Grant Thornton were appointed receiver over two aircraft belonging to an airline company, under a chattel mortgage held by the secured creditor.
One of the aircrafts was seized in a European airport under court orders instigated by three disgruntled creditors. Grant Thornton had to negotiate with these creditors in order to get the liens lifted in order to sell the aircraft. A deal was done and the aircraft was sold to a third party in excess of its independent valuation.
Case Study 2
Grant Thornton were appointed receiver and manager on foot of a debenture held by a large bank over the assets and undertakings of a plant and tool hire company. The company had ceased trading prior to the company going into receivership so a large percentage of the assets were out on hire in 33 sites all around Leinster. Transport was arranged to collect all the assets which were then sold at auction for an amount in excess of the independent valuation. The bank also had a fixed charge on the property owned by the company. The property was sold at auction for 20% more than its independent valuation. The bank received all sums it was due including interest within five months.