McCabe has liquidator appointed to main Irish trading business

The High Court has ordered the winding up of developer John McCabe’s main trading company in the Republic following a petition from a creditor that has been pursuing the business for eight months, reports the Irish Times.

Following a petition from MCR Personnel, the court ordered that McCabe Builders Ltd be wound up and appointed Kieran Wallace of KPMG as liquidator.

Last autumn, the National Asset Management Agency appointed Jim Hamilton and David O’Connor of BDO as receivers over the company’s properties, in effect giving them control over it.

MCR Personnel, which provided recruitment services to the company, originally began proceedings to have it wound up last August, but was trumped by Nama’s appointment of its receivers.

The company returned to court in March and Ms Justice Mary Laffoy subsequently ordered its wind-up and Mr Wallace’s appointment. An official notice of the order was published at the weekend.

Mr McCabe’s companies owe Nama €235 million and its appointment of receivers last year sparked a series of high-profile court actions involving the agency, the company and its directors.

In one of the most recent cases, the High Court ordered that the €149,000 proceeds from the sale of a ring that belonged to Mary McCabe, Mr McCabe’s wife and fellow director, be given to the receivers.

The order related to satisfying judgments of more than €20 million against her.

The McCabes’ assets included Ashbourne Business Park in Co Meath and the Ardmore Hotel in Dublin’s Tolka Valley.

Mr McCabe was one of the Maple 10, a group to whom the former Anglo Irish Bank loaned cash so they could buy its shares. The bank subsequently became the main constituent of the Irish Bank Resolution Corporation, now in liquidation.

MCR Personnel is part of the MCR group, a broad-based services business that started as a construction recruitment specialist but expanded into areas such as security, waste management and contract cleaning.

MCR Personnel Ltd lost €2.4 million before tax in 2011, the last year for which figures are available. Source: The Irish Times