Sean Dunne's company faces strike-off action by the CRO
DEVELOPER Sean Dunne's key property company, Mountbrook Homes, is threatened with being struck off by the Companies Registration Office (CRO) after failing to fulfil its obligations in relation to filings.
The company, which used to make large purchases of property in Ballsbridge, is an unlimited company set up by Mr Dunne in 1995 to develop large-scale property projects in Ireland, the UK and South Africa.
There are two grounds for a company being struck off -- for failing to deliver an annual return to the CRO or failing to keep its filings up to date with the Revenue Commissioners.
It is not known why the Companies Registration Office has sought to strike off Mountbrook Homes, based at 67 Merrion Square Dublin.
Any company that is threatened with a strike off gets a warning notice and often a notice will be inserted in the 'Iris Oifigiuil' publication.
Once a strike-off process is started, it will not be halted unless all outstanding returns have been filed or all outstanding statements delivered to the Revenue.
The ultimate sanction in relation to being struck off comes if the director of corporate enforcement, Paul Appleby, applies to the High Court disqualifying the company's directors.
Sean 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 nor was she the subject of any NAMA loans.
In the event that Mr Dunne is ever unable to repay his loans to either NAMA or any other financial institution, then it is likely those institutions would seek to establish whether any of his assets have been transferred to her as part of her property venture.