Business Irish

Thursday 27 April 2017

Dunne avoids strike-off with fresh submission

Property devoloper Sean Dunne. Photo: Martin Nolan
Property devoloper Sean Dunne. Photo: Martin Nolan

Emmet Oliver Deputy Business Editor

Property developer Sean Dunne has filed fresh financial statements for his Mountbrook Homes group after a recent threat of being struck off was made against the firm.

Mr Dunne, who now spends much of his time in the US, has filed statements for Mountbrook Homes, including a report from his auditors. However, as an unlimited company Mr Dunne is not required to provide a full profit and loss or balance sheet.

Meanwhile one of Mr Dunne's other companies, Mountbrook Developments Ltd, now appears to be totally dormant after providing services to his wider group during the boom years. This firm made a loss of just €169 and has a shareholder's deficit of €2,000.

"The company has historically been engaged in the provision of management services to related parties in respect of construction and sale of residential property," state the accounts.

"However, the company did not engage in such activities during the current year," the accounts add. The accounts indicate the company has been very inactive in the previous year too.

Mountbrook Homes itself is an unlimited company set up by Mr Dunne in 1995 to develop large-scale property projects in Ireland, the UK and South Africa.

Mr Dunne and his wife Gayle have been in the news after spending time in the US, where Mrs Dunne is reported to be interested in becoming a developer.

A real-estate firm established by Mr Dunne in New York last May has been transferred into the name of his wife, according to records seen by the Irish Independent.

Mrs Dunne (36), a former gossip columnist, has also been raising finance to purchase development properties, emails between her and her former lawyer confirm.

In an email exchange with lawyer Philip Teplen, Mrs Dunne wrote: "I already have a visa and I am here to develop property."

Mrs Dunne said in a recent statement that she had no debts with any institutions covered by the bank guarantee.

Mr Dunne's main loans for his Ballsbridge assets are funded by Ulster Bank, which is part of the Royal Bank of Scotland, the UK-government owned institution that got into trouble at the peak of the financial crisis.

Irish Independent

Promoted articles

Also in Business