Business Irish

Tuesday 17 October 2017

Developers in Haughey Abbeville estate wound up

Tim Healy

A DEVELOPMENT company which bought the home of the late former Taoiseach Charles Haughey has been wound up by the High Court on the application of a bank which is owed some €135m by the firm.

Bank of Scotland (BOS) petitioned the court to have Manor Park Homebuilders wound up and a liquidator appointed after it failed to satisfy its demands to repay €135m it had advanced to the company in late 2007.

The company made the headlines eight years ago when it bought Mr Haughey's home and estate, Abbeville, Kinsealy, Co Dublin, for €45m. It intended to use the site, which is close to Malahide, for recreational and residential development but no building took place.

Yesterday, Ms Justice Mary Laffoy made orders winding up the company, with a registered address at Simmonscourt House, Simmonscourt Road, Dublin 4, and appointed Michael McAteer of Grant Thornton as official liquidator.

Moving the petition, Bernard Dunleavy, for BOS, told the court the firm was "hopelessly insolvent" and it was no longer in a position to repay any of the debts due.

Counsel said the bank made a demand of €135m on the company in October of last year. It sought repayment in respect of the money which was loaned to Manor Park under a credit agreement with the bank in December 2007.

As no repayments had been made,counsel said that an order to wind up Manor Park was equitable and just.

The judge ordered that the company's directors, Patrick Joseph Moran; John Moran; Adrienne Moran; Cara Ryan (nee Moran); and Jean Moran, file a statement of means within 21 days. The matter was adjourned to the Examiners list in June.

Manor Park, set up in 1979, initially concentrated mainly in the Dublin area, but expanded out into counties Meath and Louth.

Irish Independent

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