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27/03/2009
Agreement Halts Rankin Bankruptcy Case
Bankruptcy proceedings against celebrity chef Paul Rankin have been dramatically dismissed.
Yesterday at the High Court a petition brought against the Michelin-star winning restaurateur and his business partner wife Jeanne was dropped after agreement was reached with creditors.
Papers had been served on the couple, who run the flagship Cayenne in Belfast city centre, over a debt owed to supplier Arnotts Fruit Ltd.
Following a private hearing it was however confirmed that the action has been dismissed, after the couple entered into an Individual Voluntary Arrangement (IVA) with their creditors.
Under the terms of the IVA, agreed last month, those owed money will receive a return of 70 pence in the pound.
The arrangement - which is used to stop companies going out of business and allow all sides to reach a deal - is being funded through Mr Rankin's personal earnings.
Had an earlier attempt to recover cash owed been successful, Cayenne would have been forced to close, with staff being laid off and suppliers facing little prospect of getting their cash.
Arnotts Fruit Ltd, with whom the Rankins have ceased trading, is believed to be the only supplier to have petitioned the couple for bankruptcy.
According to sources it was owed £9,700 and the IVA means it will receive just under £6,800.
The chef, who once owned a string of restaurants and cafes, has been credited with rejuvenating the culinary scene in Northern Ireland.
He has written several cookery books and is numbered among a group of high-profile chefs recognisable from regular television appearances.
But the business empire, which employed hundreds of people, has been hit by financial difficulties in recent times.
Mr Rankin has since sold off his Roscoff Brasserie and Rankin cafe chain in order to save jobs.
See: Rankins Shrug-Off Financial Woes
Yesterday at the High Court a petition brought against the Michelin-star winning restaurateur and his business partner wife Jeanne was dropped after agreement was reached with creditors.
Papers had been served on the couple, who run the flagship Cayenne in Belfast city centre, over a debt owed to supplier Arnotts Fruit Ltd.
Following a private hearing it was however confirmed that the action has been dismissed, after the couple entered into an Individual Voluntary Arrangement (IVA) with their creditors.
Under the terms of the IVA, agreed last month, those owed money will receive a return of 70 pence in the pound.
The arrangement - which is used to stop companies going out of business and allow all sides to reach a deal - is being funded through Mr Rankin's personal earnings.
Had an earlier attempt to recover cash owed been successful, Cayenne would have been forced to close, with staff being laid off and suppliers facing little prospect of getting their cash.
Arnotts Fruit Ltd, with whom the Rankins have ceased trading, is believed to be the only supplier to have petitioned the couple for bankruptcy.
According to sources it was owed £9,700 and the IVA means it will receive just under £6,800.
The chef, who once owned a string of restaurants and cafes, has been credited with rejuvenating the culinary scene in Northern Ireland.
He has written several cookery books and is numbered among a group of high-profile chefs recognisable from regular television appearances.
But the business empire, which employed hundreds of people, has been hit by financial difficulties in recent times.
Mr Rankin has since sold off his Roscoff Brasserie and Rankin cafe chain in order to save jobs.
See: Rankins Shrug-Off Financial Woes
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Rankins Shrug-Off Financial Woes
The celebrity chef widely credited with getting Northern Ireland firmly onto the culinary landscape, chef Paul Rankin, has been served with bankruptcy papers. Michelin starred Mr Rankin and his Canadian wife Jeanne, also a chef, were served with the papers which detail a personal bankruptcy hearing on February 25.
Rankins Shrug-Off Financial Woes
The celebrity chef widely credited with getting Northern Ireland firmly onto the culinary landscape, chef Paul Rankin, has been served with bankruptcy papers. Michelin starred Mr Rankin and his Canadian wife Jeanne, also a chef, were served with the papers which detail a personal bankruptcy hearing on February 25.
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