Paddy McKillen Jnr Granted 70-Day Insolvency Protection Over €27.7M Debt

High Court Protection and Personal Assets

During the pre-lunch application, Farry told the court that McKillen was firmly insolvent and held just €270 in a personal Revolut account, €193.79 in a Revolut cryptocurrency account, and an overdrawn balance of €345 in a Bank of Ireland account. Court documents put his exact liabilities at €27,710,644.51 against assets totaling just €143,295.72. The majority of these remaining assets—valued at approximately €105,000—comprise three vehicles: a 1986 Porsche 911 Carrera Targa worth €45,000, a 2021 Volkswagen Golf worth €35,000, and a 1983 BMW 6 Series valued at €25,000. Additional assets include stocks, shares, and five Richard Gormley paintings valued at €15,000. Farry noted that McKillen’s wife, Edel McKillen, provides him with €300 per week for personal expenses while covering all household costs, including utilities and food. Following the initial 70-day protection period granted by Judge Quinn, McKillen can seek a court extension.

Property Holdings and Family Debts

McKillen’s former family home at 16 Leeson Park, Ranelagh, Dublin 6, which he and his wife jointly owned from June 2016 to January 2025, was deemed valueless to him as he denied any claim or interest in the property. In December 2019, McKillen signed a letter transferring his entire 50 percent interest to his wife in exchange for her agreement to increase the property’s mortgage against his business interests by €1.02 million. Meanwhile, his current residence at The Birches, Foxrock, Dublin, which was purchased in April 2014 for €2.1 million, is held on trust. According to court evidence, the property carries a mortgage balance of €734,650, an unpaid purchase balance of €1.15 million owed to his mother Maura McKillen, and approximately €659,000 in mortgage instalments paid by his mother since 2014 by way of loan. With a current market value of €2.45 million, senior debts totaling about €2,532,000 exceed the property value before sale costs, rendering the net value nil and giving McKillen’s one-fifth trust share no realisable value. McKillen’s debts include €2.9 million owed to his wife Edel McKillen and €1.8 million owed to his mother Maura McKillen.

Business Debts and Corporate Context

Court disclosures detailed substantial corporate liabilities contributing to the €27.7 million total, including €8.9 million owed to Isle of Man-based Jonc Ltd, €8.7 million owed to Cabriz Finance Ltd in Monaghan, and €2.3 million owed to Herbert Street Property Finance in Dublin. Last month, the High Court rejected McKillen’s bid to set aside a bankruptcy summons over an alleged €2.1 million debt brought by lender Herbert Street Property Finance, though Judge Liam Kennedy adjourned the case for six months. In that August 13 judgment, Judge Kennedy found that McKillen had not established that the summons constituted an abuse of process or an action brought for an ulterior motive. Financial distress preceded a restructuring of the Press Up hospitality group, which operated venues including the Stella Cinema, Wowburger, and several Dublin cocktail bars. A number of group restaurants recorded six-figure losses prior to London-based lender Cheyne Capital taking control of the hospitality group through a debt-for-equity swap in September 2024. Cheyne Capital has since rebranded the chain as Eclective.