KC Capital Property Group Faces High Court Appeal After Examinership Refusal

Dublin-based developer KC Capital Property Group is appealing a Circuit Court decision that refused to confirm the appointment of an examiner to the company and two affiliated entities. The appeal, heard before the High Court, centers on the future of the Greenside Building, a nine-story office block on Cuffe Street near St. Stephen’s Green, and significant debts exceeding €55 million.

Background: Receivership and Examinership Bid

KC Capital Property Group Ltd, along with KC Capital Property 182 and KC Capital Property 185, initially sought to appoint Damien Harper of PUC Consultants as interim examiner in late December 2025. This move followed the placement of receivers by the company’s lenders. The developers argued for a reasonable expectation of survival, supported by an independent report from Myles Kirby of Kroll as reported by the Irish Times.

Circuit Court Ruling and Lender Opposition

But, Mr. Justice John O’Connor of the Circuit Court rejected the examiner appointment on Monday, February 17, 2026. The judge characterized the situation as a direct conflict between KC Capital and its lenders, with investors attempting to salvage their shareholding through ongoing litigation against Keegan Quarries Limited – a claim seeking approximately €15 million in damages related to allegedly defective concrete – while the secured creditor aimed to maximize its security.

Fairfield Real Estate Finance, the secured creditor, owes €55 million and expressed skepticism regarding investment offers for the property, deeming them insufficient to cover the outstanding debt. The Irish Times reported that Fairfield is bearing the costs associated with the examinership process.

High Court Appeal and Limited Role for Examiner

KC Capital appealed the Circuit Court’s decision, seeking a stay on the order to discharge the examiner. Ciaran Lewis, representing KC Capital, argued for the continued protection of the court during the appeal process. Mr. Justice Michael Twomey ruled that the interim examiner could make submissions to the court but was restricted from undertaking further work to minimize costs to the secured lender. According to the Irish Times, the case is scheduled to resume on February 25th.

Project Details and Concrete Dispute

The Greenside Building project, initiated in 2020 with a €14 million contract, faced a two-year delay after the discovery of defective concrete in the basement and ground floor in 2022. A novel contractor was appointed in 2023 under a €19 million agreement, with an estimated €2.5 million remaining to complete the project. As reported by RTÉ, KC Capital is pursuing legal action against Keegan Quarries Limited over the allegedly defective concrete.

KC Capital’s Structure and Financial Situation

The secured creditor, Fairfield Real Estate Finance, views KC Capital as a special-purpose vehicle (SPV) established solely for the construction of the office block. The company is currently unable to carry out construction work due to a lack of funds. RTÉ News detailed that the associated companies, KC Capital Property 182 and KC Capital Property 185, remain profitable but were impacted by guarantees provided for the main lender.