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06/02/2009
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.
Mr Rankin, who formerly owned a string of leading Belfast restaurants and cafes, is known across Britain and Ireland as the face of Irwin's Rankin Selection breads and has authored several cookery books as well as frequently appearing on the BBC TV programme Ready Steady Cook.
The court papers refer to a sum owed to Arnotts Fruit Ltd, a supplier to Mr Rankin's sole remaining restaurant Cayenne in Belfast city centre.
However, Mr Rankin, 50, has stressed that he was "a million miles" from being declared bankrupt over what he described as a "small debt" which would be "looked at".
According to business experts the serving of bankruptcy papers is typically the first stage in a long road to any potential declaration of bankruptcy.
It is sometimes done to "focus the mind" of a business owner over unsettled debts but that the proceedings can be withdrawn at any point until the hearing begins if an arrangement is reached with the creditor.
Mr Rankin is also reporetded to be in negotiations with several creditors to amicably resolve his debts by paying a portion of them - what is known as an Individual Voluntary Arrangement.
A media statement said: "Paul and Jeannie Rankin are working with professional advisers to reach an IVA with their creditors in relation to debts as a result of financial difficulties."
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.
Mr Rankin, who formerly owned a string of leading Belfast restaurants and cafes, is known across Britain and Ireland as the face of Irwin's Rankin Selection breads and has authored several cookery books as well as frequently appearing on the BBC TV programme Ready Steady Cook.
The court papers refer to a sum owed to Arnotts Fruit Ltd, a supplier to Mr Rankin's sole remaining restaurant Cayenne in Belfast city centre.
However, Mr Rankin, 50, has stressed that he was "a million miles" from being declared bankrupt over what he described as a "small debt" which would be "looked at".
According to business experts the serving of bankruptcy papers is typically the first stage in a long road to any potential declaration of bankruptcy.
It is sometimes done to "focus the mind" of a business owner over unsettled debts but that the proceedings can be withdrawn at any point until the hearing begins if an arrangement is reached with the creditor.
Mr Rankin is also reporetded to be in negotiations with several creditors to amicably resolve his debts by paying a portion of them - what is known as an Individual Voluntary Arrangement.
A media statement said: "Paul and Jeannie Rankin are working with professional advisers to reach an IVA with their creditors in relation to debts as a result of financial difficulties."
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
