Thursday 14 December 2017

Companies Office orders Ernst & Young to refile documents

Donal O'Donovan

Donal O'Donovan

Senior Ernst & Young partners Luke Charlton and David Hughes have been told by the Companies Office that documents filed for three companies under their control are inadequate.

Luke Charlton and David Hughes are receivers of the companies after being appointed by Anglo Irish Bank in 2011 to three companies owned by Dublin businessman Johnny Moran.

Johnny Moran's hotel and pubs business was taken into receivership in 2011 over debts owed to Anglo Irish Bank.

The case may have widespread relevance for receivers and people whose companies are under the control of insolvency professionals because up to now it has been common practice for many accountants not to include detailed breakdowns of financial figures included in Receiver Abstracts that have to be filed every six months.

The Companies Office has contacted Ernst & Young in relation to three companies; Citywide Leisure, Blarney Inn and Aspere Property Investments which includes control of the former Holiday Inn Hotel on Pearse Street in Dublin.

Mr Moran has been in a long-running series of legal disputes with Anglo Irish Bank, which is now in liquidation, and the receivers.

Earlier this year, he contacted officials at the Companies Office, to complain that efforts to win back his business could be hampered by a lack of access to information about the companies.

That included a complaint that insufficient information was included in receivers' abstracts, filings all receivers must make in relation to a business under their control.

Mr Moran had complained that filings made in relation to his three business did not include any breakdown of payments made out of the companies or breakdown of receipts coming in.

Senior officials at the Companies Office found in favour of Mr Moran after seeking independent advice on the issue.

They have written to Ernst & Young asking for new official filings to be submitted. Ernst & Young declined to comment on the issue.

Irish Independent

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