Business Irish

Tuesday 17 January 2017

McNamaras transferred ownership of profitable firm

Published 23/02/2010 | 05:00

A PROFITABLE firm owned by Bernard McNamara and his wife Moira was transferred to the embattled developer's main trading company last March.

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News of the transfer comes as Mr McNamara insists his trading company, Michael McNamara & Co, is "ring-fenced" from the €1.5bn he personally owes.

Documents just filed with the Companies' House showed the "ring-fenced" trading company became the sole owner of Cornus Investments on March 19, 2009. Up to that point, Cornus's ownership was split 50/50 between Mr McNamara, who recently described himself as "broke", and his wife.

Following the change in ownership, Cornus applied to be re-registered as a "single member company", submitting documents to the companies' registrar two weeks ago.

Separate documents showed that Cornus turned a marginal profit during the year ended March 2009 and continued to enjoy the support of its bankers.

The property holding company, which values its assets at about €16m, closed the 2009 year with retained earnings of €255,000, up from €195,000 a year earlier, implying net earnings of about €60,000.

lMeanwhile, Mr McNamara has agreed to provide a sworn statement of his assets and liabilities to investors pursuing him for €62.5m after he decided not to insist that any such statement should include an agreement that the information should be subject to a "non-disclosure"

Irish Independent

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