, a creditor owed €12.2 million from a contingent liability arising from Mr Bourke’s loans on the Co Meath hotel Bellinter House, which he co-owned, is objecting to the proposal on a number of grounds, including the loss of Mr Bourke’s anticipated XS Direct windfall.Mr Bourke’s lawyers have recently written to Pepper Finance saying that the restaurateur was going to seek third-party funds to “bridge the gap”.
Dublin law firm Brady Kilroy, representing Mr Bourke, told Pepper talks were ongoing with Revenue and noted that there was a “very stark reality” for all creditors if Mr Bourke’s proposed insolvency deal was rejected and he was forced into bankruptcy. Revenue and Pepper would recover none of their debt if Mr Bourke is bankrupted. Pepper would be paid less than 1 per cent of its debt under his proposed insolvency arrangement.again yesterday, with barrister Keith Farry BL representing the restaurateur. The matter was adjourned until April 4th.
Mr Bourke, who has overall debts of €13.75 million, told The Irish Times last year he was seeking an insolvency deal after his income was “decimated” by Covid-19 restrictions. The publican –- a well-known figure in Dublin’s nightlife scene – has run bars and restaurants including The Globe and Rí Rá, The Front Lounge,