Thursday 14 December 2017

Glass Bottle site consortium listed for strike off

property

Dearbhail McDonald and Emmet Oliver

THE consortium that paid €412m for the Irish Glass Bottle site has been listed for strike off by the Companies Register Office (CRO).

Becbay, a syndicate comprised of developer Bernard McNamara, financier Derek Quinlan and the Dublin Docklands Development Authority (DDDA) shelled out the massive sum at the peak of the boom in 2006 for the former toxic-waste dump.

Yesterday it emerged that Becbay, the owner of the IGB site which is now valued at less than €50m, has been listed for strike off.

Mr McNamara holds a 41pc stake in the IGB site through Donatex, the vehicle he used to acquire his share in the development that was to be home to "Ireland's Manhattan".

Stake

Mr Quinlan holds a 33pc stake and the DDDA -- which has recently been released by NAMA from a €29m bank guarantee to cover its proportion of Becbay's borrowings -- holds a 26pc stake in the syndicate.

Mr Quinlan, now based in London, was not available to comment on the matter yesterday.

It is understood the management of the site is now the responsibility of NAMA, but the responsibility for filing accounts and annual returns remains with the directors.

The Irish Independent understands accounts for 2009 and 2010 will be filed shortly however.

Mr McNamara, through his vehicle Donatex, is suing the DDDA amid claims that the agency had no authority to fast-track planning for the site.

Action

In their action against the DDDA, Mr McNamara and Donatex claim, because of a 2008 High Court finding that the DDDA acted outside its powers in how it fast-tracked permission for another docklands development at North Wall Quay, the DDDA was never entitled to enter in November 2006 into an agreement involving Mr McNamara and Mr Quinlan for development of the glass bottle site.

The case is due before the Commercial Court division of the High Court next week.

Irish Independent

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