Galway companies had debts of half a billion euro
A liquidator has been appointed to companies owned by three of the Celtic Tiger property market’s biggest developers from Galway, which have liabilities in of more than half a billion euro.
The companies were operated by Tom Considine from Oranmore and Paddy Sweeney from Loughrea and Gerry Prendergast, originally from Galway, and are all believed to be connected to the biggest property deal ever struck in Ireland – the purchase of 331 acres in Naas, Co Kildare for €312 million.
The most up-to-date accounts available for Osberstown Developments Ltd (for the year ended December 2013) showed net liabilities of €460.3m, while its assets (development land and constructed buildings) had a value of just under €32m.
Oldtown PTG Ltd had net liabilities of around €41.5m, while its assets were valued at around €3.8m.
Accounts for Naas Millennium Park Developments Ltd showed net liabilities of €14m, while there were assets (development land) valued at €3.1m.
MP Administration Ltd had net liabilities of just under €4m at the end of 2013.
Patrick Horkan of KPMG in Galway was appointed liquidator after resolutions were passed at EGMs that the companies could not continue in business.
According to the accounts, they were depending on working capital from NAMA, and costs incurred were subject to prior approval from NAMA.
Tom Considine and Paddy Sweeney built major housing developments such as Oranhill and Orancourt in Oranmore. They also developed the North Point retail and office complex on the Tuam Road in Galway.