Cantillon: The bills keep on mounting for Michael Lowry

The bills are piling up for North Tipperary independent deputy and businessman, Michael Lowry.

Last week a judgment was issued against him in favour of his long-time accountants, BBT, of Foxrock, Dublin, and the Moriarty Tribunal issued a costs order in which it refused Lowry approximately two-thirds of the €8 million in legal costs he was seeking.

The redoubtable deputy is appealing both decisions in the High Court, moves that will add to his bills should he lose.

Now abridged accounts just filed for one of his companies, Abbeygreen Consulting Ltd, show that it made a loss in 2012 of €77,535, having recorded a profit of €2,308 the previous year.

The directors, Lowry and his son Jonathan, have indicated their willingness to provide support to the business if necessary, according to the accounts. During the year the company received consultancy fees of €40,650 from Lowry's refrigeration business, Garuda.

The Abbeygreen accounts are audited by Ecovis BBT, a new accountancy firm based in the same Foxrock offices as the old BBT. In June of last year BBT, as it was then known, resigned as auditors of Garuda after the company decided to avail of audit exemption rights.

A partner in BBT, Denis O’Connor, was heavily involved in Mr Lowry’s dealings with the Moriarty Tribunal and filed an affidavit in court on behalf of BBT last week seeking judgment in relation to fees of €1.7 million, mostly arising from the work with the tribunal. An order for €650,000 plus VAT was granted, on which a stay of execution exists, with the remainder of the bill yet to be ruled on.

O’Connor, who came in for some harsh criticism in the tribunal’s final report, said Lowry had paid €260,818 from an overall bill of €2 million.

During the summer Lowry’s home was raided by the Revenue Commissioners, as was an unidentified business premises in Dublin. What was behind the raids has not been disclosed by Lowry. Some years ago Lowry and Garuda made a €1.45 million settlement with the Revenue. In the late 1990s he was formally cautioned by the Revenue, though he was never charged.