Key company in Mansfield structure listed for strike-off

PARKE ASSOCIATES, a company that forms an important part of the Mansfield family corporate structure, has been listed for strike-off.

In January a creditors’ meeting of the HSS group, which includes the Citywest Hotel and golf club in west Dublin, was told Parke Associates plays a key role in protecting the Mansfield family from the debts of the HSS group.

HSS is an unlimited company, which means it does not publish accounts but its shareholders do not have limited liability.

The creditors’ meeting was told the family was protected from the group’s debts because of the involvement of Isle of Man companies in the HSS structure.

Details of how the shareholders were protected were not disclosed, nor was it explained why Parke plays an important role in the structure.

The latest annual return for Parke shows it is owned by two unlimited Isle of Man companies, Dunbeg and Fanmore.

The directors of Parke are Anne, Tony and James Mansfield. Filings show James Mansfield jnr resigned as a director of the company last April.

Fanmore and Dunbeg are the owners of HSS. The company went into voluntary liquidation in January and George Maloney was appointed liquidator.

The creditors’ meeting in January was told the HSS directors believed the Citywest premises were worth €120 million in July 2010.

Bank of Scotland (Ireland) is owed €140 million and has a charge on most of the fixed assets.

Unsecured creditors, many of them small traders, are owed €37.7 million. The Mansfield family has given personal guarantees to the banks over any amounts left outstanding once the assets have been disposed.

The family has other businesses not part of the HSS liquidation.