A Clare building firm, Cronan Nagle Construction, has collapsed with debts of almost €40 million after falling victim to the downturn in the property market, the Sunday Business Post reports.A liquidator has been appointed to the Corofin-based company, which owes money to more than 200 creditors. AIB is owed €22.4 million, while a number of other lenders and the Revenue Commissioners are also owed sizeable sums. The firm was established in 1999 by Clare engineer Cronan Nagle and built more than 400 sustainable houses in the west of Ireland.
The business was wound up at a creditors’ meeting in recent days, and accountant George Maloney, from Baker Tilly Ryan Glennon, has been appointed liquidator.
