Monday 25 September 2017

McNamara firm still a going concern despite deficit

Laura Noonan

Laura Noonan

EMBATTLED property developer Bernard McNamara and his joint-venture partners have insisted their Cicol company should be considered a "going concern" -- despite racking up a €12m shareholders' deficit.

Backed by Mr McNamara and leisure entrepreneurs Colum and Ciaran Butler, Cicol has repeatedly failed to secure planning permission for its key asset, a substantial site in Dundrum, south Dublin.

Previous separate plans to create an entertainment complex and a residential scheme failed to get the nod.

Filings just lodged show Cicol was sitting on a shareholders' deficit of €11.9m on September 30, 2009, up some €1.4m year-on-year.

In accounts signed off on June 11, Mr McNamara and his fellow directors acknowledged their company was "dependent on the continuing financial support" of its bank, but said they had "not been made aware" of any potential funding problems.

The directors also said they believed the €16.7m carrying value of their property asset still stood.

The uncertainty over property valuations prompted Cicol's auditors to place an "emphasis of matter" on the accounts, though they remain unqualified.

The filings also show that Mr McNamara owed the company almost €4.4m at its year end.

Irish Independent

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