Irish businessman and Press Up hospitality group co-founder Paddy McKillen jnr has been declared insolvent and secured a 70-day protection certificate from the High Court under personal insolvency legislation. Barrister Keith Farry, appearing for personal insolvency practitioner Eugene McDarby, told Mr Justice Michael Quinn that McKillen jnr is “firmly insolvent” with liabilities totaling €27,710,644.51 against assets of just €143,295.72, according to court documents.
Liabilities and Asset Breakdown in High Court Filing
McKillen jnr held just €270.08 in a personal Revolut account, €193.79 in a Revolut cryptocurrency account, and an overdrawn balance of €345 in a Bank of Ireland account. The majority of his reported assets, amounting to €105,000, consist of vehicles: a 1986 Porsche 911 Carrera Targa valued at €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 art, featuring five Richard Gormley paintings valued at €15,000. Farry told the court that McKillen jnr’s wife, Edel McKillen, provides him with €300 per week for personal expenses while covering all household bills, light, heat, and food.
On the liabilities side, McKillen jnr owes €2.9 million to his wife and €1.8 million to his mother, Maura McKillen. Business debts disclosed to the court include €8.9 million owed to Jonc Ltd in the Isle of Man, €8.7 million to Cabriz Finance Ltd in Monaghan, and €2.3 million to Herbert Street Property Finance in Dublin.
Foxrock Property Trust and Family Debts
Legal title to McKillen jnr’s home at The Birches, Foxrock, Dublin, is held on trust. The property was purchased from Maura McKillen via contract in April 2014 for €2.1 million in the names of McKillen jnr and his wife Edel, funded by a Bank of Ireland mortgage of €958,000. Court proceedings revealed that a balance of €1.15 million remains unpaid to Maura McKillen. Under a deed of trust, McKillen jnr holds the property in five equal shares for himself, his mother, and siblings Tyrone, Kali, and Dean McKillen, with all sums owed to his mother required to be repaid before any trust distribution.
Maura McKillen has paid approximately €659,000 in mortgage instalments since 2014 by way of loan. With a current market value of €2.45 million, senior debts include a mortgage balance of €734,650 (which is in arrears by €18,995.92), the €1.15 million purchase price balance, and the instalments paid by his mother. Farry stated these prior claims total about €2,532,000, leaving the net value of the property available to beneficiaries at nil. Consequently, McKillen jnr’s one-fifth share has no realisable value and was entered as an asset of €1.
Prior Legal Challenges and Press Up Hospitality Shift
The High Court protection order follows a separate ruling last month where Mr Justice Liam Kennedy dismissed McKillen jnr’s bid to set aside a bankruptcy summons over an alleged €2.1 million debt brought by lender Herbert Street Property Finance, though that case was adjourned for six months. In his August 13 judgment, Judge Kennedy found that McKillen jnr failed to establish that the summons was an abuse of process or brought for “an ulterior motive.”
Financial pressures on McKillen jnr precede the insolvency filing. A number of Press Up group restaurants and venues recorded six-figure losses prior to London-based lender Cheyne Capital taking over the hospitality group through a debt-for-equity swap in September 2024. Cheyne Capital, a long-standing finance partner, has since rebranded the chain as Eclective. The group previously established multiple prominent Dublin venues, including the Stella Cinema, a chain of Wowburger restaurants, and several cocktail bars.
Frequently Asked Questions
What is a personal insolvency protection certificate?
It is a legal order granted by the High Court under Irish personal insolvency legislation that temporarily shields a debtor from creditor legal action and enforcement proceedings for a set period, currently 70 days in this case.
Who controls the Press Up hospitality group now?
London-based lender Cheyne Capital took control of the group through a debt-for-equity swap in September 2024 and rebranded the chain as Eclective.
What are Paddy McKillen jnr’s total liabilities?
According to documents presented in court by barrister Keith Farry, McKillen jnr’s liabilities total €27,710,644.51.
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