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LIQUIDATION: Truro tycoon face to face with Cornish Homes (UK) Ltd creditors

By This is Cornwall  |  Posted: October 10, 2008

Kevin Heaney entering the liquidation meeting

Angry local businessmen confronted football tycoon Kevin Heaney as he was forced to come face to face with his creditors over his failed house-building firm.

The heated exchanges came at the liquidation meeting regarding the Truro City Football Club owner’s company Cornish Homes (UK) Ltd in Exeter today.

The official report by liquidators The Kelmanson Partnership identified 162 businesses and individuals owed money by the company when it folded. A further four were listed as creditors but owed ‘nil’.

Mr Heaney, reported to be worth £145 million in the Sunday Times Rich List, told the meeting he had done nothing illegal and was hurt by the firm’s failure, which he blamed on the credit crunch.

One of the few creditors who attended, Derek Giles, whose Helston-based construction company DA Giles was owed £38,222 for work at Truro City’s grounds, said: "I’m pretty fed up really.

"Our debt was not with Cornish Homes but Truro City Football Club.

"We were told to invoice Cornish Homes and subsequently it’s not being paid."

Mr Giles also said he feared he would have to let staff go due to the debt.

John Kelmanson, who is handling the liquidation investigation, said after the hearing: "It was a long and heated meeting where concerns were expressed by creditors represented which will be forming part of my investigation into the affairs of the company as the duly appointed liquidator.

"The company has gone into voluntary liquidation and will not trade under that name again.

"There are connections to his other companies within the group that have become apparent today which it may be necessary to include in the investigative function."

:: See the October 16 edition of The West Briton for the exclusive full story of the company’s demise and who was owed how much.

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