Sunday 4 December 2016

Bovale Developments still in talks with Nama

Gordon Deegan

Published 07/09/2015 | 02:30

Last year, Michael and Tom Bailey resigned as directors of Bovale Developments after they were disqualified for seven years from acting as directors when the High Court found them guilty of
Last year, Michael and Tom Bailey resigned as directors of Bovale Developments after they were disqualified for seven years from acting as directors when the High Court found them guilty of "particularly serious" misconduct in the conduct of the affairs of their Irish firm.

The building firm established by the Bailey brothers remains in discussions with the National Asset Management Agency (Nama) over finalising a business plan.

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That is according to an auditor's report just filed by Bovale Developments with the Companies Office.

Last year, Michael and Tom Bailey resigned as directors of Bovale Developments after they were disqualified for seven years from acting as directors when the High Court found them guilty of "particularly serious" misconduct in the conduct of the affairs of their Irish firm.

Bovale Developments is unlimited and is not required to file detailed annual accounts.

The report drawn up by auditors KPMG states that the directors are in discussions with Nama with a view to finalising a business plan and put in place longer-term facilities.

The note states: "While progress has been made during the year, the outcome of these discussions represents a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern."

It adds: "The directors are confident that discussions with Nama will be satisfactorily concluded. On this basis, the directors are satisfied that the financial statements should be concerned on the going-concern basis."

The auditor's report is signed off by directors, 38-year-old Project Co-ordinator Yvonne Bailey and 44-year-old Financial Controller Colin Creedon.

Michael Bailey is listed as the sole shareholder of the firm.

The last filed accounts for Bovale in 2004/03 show the two Bailey brothers shared remuneration of €19.7m over the two years with profits of €69m in 2003.

Irish Independent

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