Business Irish

Thursday 22 August 2019

McCabe Builders in liquidation amid 'missing millions' claim

Donal O'Donovan

Donal O'Donovan

One of the country's biggest builders has been put into liquidation amid a growing controversy over missing millions.

Accountant Kieran Wallace of KPMG has been appointed liquidator of McCabe Builders (Dublin), after recruitment firm MCR Personnel went to court to have the company wound up over what it claimed was an unpaid debt.

The appointment of a liquidator is just the latest in a series of blows for former property kingpin John McCabe.

Last week, NAMA secured a number of High Court orders freezing the assets of Mr McCabe and members of his family after raising fears that €6.2m of assets that should have been ring-fenced to pay off debts had been "misappropriated or dissipated" without consent.

The family deny the claims and the case is due back in court in October.

The McCabes' companies owe NAMA more than €235m, and had been working with the agency to work through the debt until the relationship unravelled in recent weeks.

Relations are understood to have broken down after the McCabes allegedly paid as much as €6m to a company called Western Gulf Advisory in the Middle East in an effort to refinance their loans. The new loans never materialised, leaving McCabes still owing their original debt and NAMA fuming over the payouts.

The freezing order came just a week after NAMA had key assets in his property empire taken into receivership, and following MCR Personnel's initial move to recover its own debts from the company.

McCabe's is best known for its 'millionaires' row' development at Abington in the Dublin suburb of Malahide. Mr McCabe was one of 10 customers of Anglo Irish Bank who each bought a 10pc stake in the lender in the so-called 'Maple 10' deal in 2008.

The controversial deal will be at the centre of the State's efforts to bring prosecutions against senior figures at the bank later this year.

Irish Independent

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