Tuesday, August 18, 2009

Town Bar & Grill

We got notification this morning from Town Bar & Grill's examiners about the proposed scheme of arrangement for creditors. There are several classes of creditors, Revenue and various banks occupying the upper echelons of this unfortunate society and food and wine suppliers making up the majority of the great unwashed, also known as unsecured creditors.

As far as we can see, Town Bar & Grill went from one supplier to another, running up unpaid debts along the way until the plug was finally pulled by the Revenue.

Everybody is losing out in this situation, but the unsecured creditors are being offered 10% of what they are owed. It is this or nothing. That is the choice. It's like being told you can either have your house burned down or else you can take your telly out and THEN have your house burned down.

The restaurant is now owned by Treasury Holdings. That should make it popular. Why not get some bankers in as waiters and the financial regulator in as sommelier while you are at it. It doesn't really matter what the food is like, it is all very unsavoury.

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