Business Irish

Saturday 18 November 2017

Marley resists plans for liquidator

Tom Lyons

Collins Garcia Corporate Recovery has told creditors of Philip Marley's Ely Properties Limited (EPL) that it plans to put the company into liquidation.

The move, which Marley is resisting, would give the Dublin-based accountant's access to EPL's bank accounts and financial affairs.

Two different groups have questioned how funds were used by this company, which collected rents and managed properties.

Maven, a private equity firm that is a former partner of Marley, has questioned how funds were allegedly moved from a London-based joint-venture they had with Marley and put into EPL, as part of a £2m legal action it is taking against the Dubliner. Marley has denied all wrongdoing in this case.

Separately, the owners of property managed by EPL on Foley Street in Dublin have questioned how rents collected by Marley's firm have been spent. Marley has responded by saying he does not owe them "a dime".

Collins Garcia is already liquidator of Ely Property Group, which at one stage was the parent company of EPL. Marley maintains he took control of EPL "some time ago", and so the liquidators are wrong to try to place this company into liquidation as well.

A liquidator of EPL would be expected to review money transfers within the company. Collins Garcia did not return calls for comment. Marley did not respond to questions.

Irish Independent

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